Nah, it's mostly a show for future stars, but they bring in established names who aren't really being pushed (like JTG, Yoshi, Kidd, etc.) to give the future stars some rub. I've actually been watching it off and on, it's carried on TV in Canada.
This JTG thing happened at least a month ago, probably more. Without the vest he looks pretty normal really. A Jericho-like outfit is a pretty good description.
It's an improvement over what he had, but it's not like he's getting a push now. Same dude, same mannerisms, different packaging. Still just as much chance as ever of him getting fired I'd say.