Its funny you guys say this because I was watching the old Smackdowns from 2000 and I remember how perfectly executed these shows were.. They were longer but the talent pool back then was deep. Angle/Edge/Christian/Benoit/Guerrreo held down the midcards, Too Cool was over, You had the Hardcore title matches satisfying the hardcore fans of the ECW style. The segments weren't cartoonish or silly (APA beatdowns, backstage brawls with Y2J/Benoit) and you had guys like Rock, Triple H, Taker, holding down the main event slots with Too Cool and Rikishi or the Dudleyz getting main event slots here and there for tag matches.
They can't pull this shyt today not because of talent but because alot of these guys don't have their own flavor. Its like New Jack said. Most of these guys come from Ohio Valley Wrestling, they train the same, they look the same, talk the same, wrestle the same and have the same finishers whereas back in the day you had wrestlers seasoned from different territories bringing their talents on a much wider scale and making classic moments.