I don't think it's too bad of an idea. I mean, it could be well hyped, create a buzz amongst fans, it might just get a fair few people watching the show. It might even cause the creative teams, and wrestlers, to work harder and put all their effort into creating the best show possible.
WWE needs Competition in my opinion. It's made them work harder to put on a great show, not always successful I'll admit. However, even if it is only competition between it's own brands it's a least worth given a try as an experiment surely?