The guy can do whatever he wants, his win/loss record has always been more on the losses, and he seems happy being that guy who comes in, shows off that he can get a good match out of a broomstick, and head back out to do his VH1, RCL, & Fozzy gigs.
His time away from the ring only makes me appreciate his time in the ring more, and the time away just means that he can have better quality matches because he is not wearing himself out 52 weeks a year.
Does it through. His match with Punk at last years mania for example was a bit of a let down. Jericho is still solid but for me way past his 2001/02 peak.