Jericho is used pretty much perfectly right now. They bring him in for a good run now and then. He stays out of the title pictures and just helps bring out good matches out of people. I don't get the whole theory of you have to win to go over. Jericho can wrestle Cesaro to a 5 star match, and come out on top, but that doesn't mean he buried Cesaro. He made Cesaro look amazing, and that probably will put him more over then a win over Jericho would.
The whole point of having Jericho there is to get good matches out of people and make them look good. Whoever wins or loses isn't important. Its about the quality of the match. And when Jericho is the ring, 9 times out of 10, its going to be a good match and both are going to walk out of the match on top.
The comparisons to Flair and Michael's last runs in the WWE mentioned earlier are the most accurate.