it's a developmental brand
I guess that explains why, prior to his death, Chris Benoit was transfered there!
what's the point?
Well, for starters, ECW is my personal favorite WWE brand, because most of the guys who get pushed on that show can actually wrestle worth a shit! (Lashley is roided up, yes, but at least he has some legitimate athletic ability). The only NECW (New ECW) Champion that was Khaliish or Cenaish was Big Show.
Second, the ECW Title is supposed to be as prestigious as the Raw and Smackdown Titles. That's why Lashley lined up along with Cena and Batista when Taker chose his WrestleMania opponent. Did you see the IC or US champs present? No. In kayfabe, ECW Title = World Heavyweight Title = WWE Title.
Now, if we could just make that official...