Honestly, was it ever gonna live up to expectation?
I liked the whole "mystery GM" gimmick, having a completely anonymous character that was't really face or heel was an interesting contrast to the usual characters that ran wrestling shows.
I'm not surprised WWE decided the GM would be Hornswoggle. What would be achieved by having someone like Bret Hart suddenly wandering out as the reveal and year and a half after everyone stopped caring? It's definite Wrestlecrap, but at the same time, a big reveal would be pointless by now.