Mind you I haven't watched wrestling in a VERY long time, but I read this every now and then (thanks A7 for the "informative" updates).
While I didn't see the PPV, and from your posts it seems your opinion on WWF/E (or whatever they call themselves nowadays) seems to be going progressively downhill, I think this fan interaction may be a step in the right direction for the show.
If nothing else it get's the fans more involved then just a passive audience, and any market research will tell you that when people are more involved, they tend to like the product better.
If they try this again, maybe they'll get it right... of course, I probably won't be watching, as the last time I actively watched wrestling my fav. was Ricky Steamboat.