I'm just calling it like it currently is. The storyline has had "a lot of potential" since January. They haven't made any of it yet, and so I think it is fair to criticize them for that. If and when they bring something more, I will obviously update my opinion.
As for Jericho in the ring, when you look at what he has done since he's come back (the Rumble, Jericho vs Kofi, the Raw 6-Man main event, the #1 contendership battle royal, and I think that is it so far), you see many of the same problems he had shortly before he left. Very Edge-like problems of weak offense that doesn't get anybody invested, no real story to link the whole match, a dull body, and then a good-great finishing run. We saw it during the horrible stretch of 2010 that was dominated by painfully below-average main event programs between Cena, Orton, Barrett, Sheamus, Edge, and Jericho. This whole "JERICHO IS AMAZING AND ONE OF THE BEST WRESTLERS IN THE WORLD RIGHT NOW" meme that is dominating the internet is painful. It is on the same level as "BAAWWW IT'S 2007 AND CENA CAN'T WRESTLE" and "BAAWWW KURT ANGLE IS THE BEST IN THE WORLD IN 2011." It just doesn't match up with what is actually happening, instead of what we want to see happening to match our preconceived ideas. Is Jericho one of the best of all time? Yes, probably. He's certainly one of my all-time favorites. But the idea that he's a world class talent today, especially with the roster that the WWE has right now, is just being blinded by the past and stubbornly trying to wish our desires into reality imo.
I know you are and know that you are pretty much 100% on the money but the Jericho mark inside me still wants to flay your skin open and give you a vinegar bath.