A lot of points to make on this PG vs TV-14 thing...
There isn't a whole lot of difference between the two ratings. Other than a lack of blood (not all the time) and half-naked Divas walking around, there is hardly any difference. Being TV-14 also doesn't mean going back to edgy stuff like with the Attitude Era. The AE ended in 2001 (or 2002, depending on your viewpoint), but they still remained TV-14 up until 2008. So going back to that rating doesn't guarantee that things will shake up or change a whole lot. But at the same time, being PG doesn't mean a bigger audience will be created by appealing to kids. Not even kids will watch something if they don't find it interesting. Same thing with TV-14 - not even teenagers or adults will watch something if they don't find it interesting. Neither rating will automatically bring in more of an audience.
2. Being PG doesn't mean they have to water the show down and make it corny in some ways, just means that if kid wanna watch, it's ok for them to do so. Same thing with TV-14 - just means if the WWE wanted to try some of the more 'edgy' stuff, it's ok for them to do so. However, I'd say that most of the time (almost all of the time, actually), kids could watch the TV-14 product and it wouldn't really be what I'd call inappropriate for them.
3. Just to with the above point, it's possible for adults to be interested in a PG product - I'm sure no one on this forum is a "kid", yet you all still get together to talk about the WWE - and it's also possible for kids to watch a TV-14 product, so long as it doesn't get too sexual or maybe overtly violent. But even then, I know there's a lot of kids who will watch - I know I started watching in January 1997 when I was only 9 years old, right when the Attitude Era started.
4. Once again, what can they really do that they can't pretty much do in a PG era as well? Blood? They can still use blood, just not excessively. And this makes blood more effective, because I tend to think they began to use blood WAY too much as it was anyway before they finally changed to PG. Cursing? It's not wrestlers curse every couple of words, and besides, they can still curse as far as I'm concerned. Cena did a few times back in the Spring. He used the word Bitch twice and the word Ass. And you don't need cursing to have an excellent promo anyway. Bra and Panties matches? If I wanna see half-naked/naked women running around, I'll watch a movie or surf the internet. Not a big loss (although the sad thing is, this wouldn't even be an issue in Europe. Over there, they have naked women on magazine covers and on the news even in some places, and no one even cares. Seeing half-naked Divas walking around on a show like Raw would not even be a issue for them.)
So, I guess my overall point is that the rating is almost completely irrelevant. It's the actual writing of the show (or maybe just the way Vince wants it) that effects the show more. Being either PG or TV-14 won't automatically improve the show in any measurable way, and having either rating won't automatically make it worse.