Back in the day and some years ago we had a RAW lockeroom with guys like RVD, Booker T, Kane (the good old Kane, before the ummasking and stuff), HHH, Batista, Orton (either in single competition or later as Evolution), the Dudleys, Jeff Hardy, Goldberg for a brief stint, Big Poppa Punk, Test, Shawn Michaels, Mark Henry, Y2J, Christian etc.
On the other hand, Smackdown had guys like Big Show, Kurt Angle, Chris Benoit, Eddie Guerrero (plus his nephew), the Undertaker, Matt Hardy, Edge, Rikishi, Rey Mysterio, JBL etc. Furthermore, Smackdown also had the cruiserweight division (remember that one?) and of course later on came Shelton Benjamin, Cena etc.
So much quality and such great feuds over the years while the occasional drafts served as a nice way to swap superstars from one show to another and create new room for new feuds and rivalries.
My point? As much as I enjoyed that format back then, I just don't think the current roster has enough in it (quantity or mostly quality) to go back on that path again, even if they were to split the titles, which by the way I don't see happening.