Well, I think the "reality" in the era is not something about kayfabe or not. It's about the fact that wrestlers that people get behind are actually being pushed, and only guys that are really positively popular(not controversially popular like john cena, even though i don't even hate him that much) are being put on the top, internet darlings like ambrose, daniel bryan, roman reigns, Cm punk(RIP) , Cesaro, etc. Anywho, my point is, the big change in wwe is who they are trying to push, it seems like they have a more "smarky" take on their own show now, sure there are lots of guys that are not getting the push they probably deserve(dolph ziggler IMO) and batista isn't exactly gracious in the ring, but my point stands, maybe "reality era" stands for pushing real talent that aren't generic and have their own unique way of adding something to the product.
edit: Saying that the shield and cesaro are at the top may be a stretch, but they are definitly receiving their push, so my point stands