Kennedy has the potential to wear the gold and if not for him being injured himself and then suspended, I think he would probably be in the title picture and maybe even had a title reign at this point. You have to think about all of the time that he has missed and each time some of his momentum is lost. I look directly to Undertaker getting injured, and if Kennedy had not been hurt, he would have been WHC.
As for Kennedy himself, I'm not really crazy about his ring work at all. He has a lot of charisma and cuts a pretty good promo. His ring work is good enough to hold a world title though. I just think there are definitley people that are ahead of him as far as being the total package. (HBK, Orton, HHH, Edge, Cena, Jericho, just to name a few.)
Kennedy will most definitely be a World Champion at some point though as he is only like 30 years old. So, eventually he'll be main eventing shows with the likes of Cena, Orton, and HHH. He just needs to find his groove on RAW. It was that same "groove" on Smackdown that had everyone jumping on his bandwagon from the start.
A decent feud with Jeff Hardy that sees Kennedy walking out with the IC Tittle in the end would do wonders. Then if he can get into a feud with HBK that would really do wonders for his career and I'd have to think that he'd go over in the end (Maybe even at WM24).