According to his shoot interview, as I seem to recall, he was already pretty much planning on quitting anyway and that was just the final straw, wasn't he? I know he said he absolutely loathed being on Raw and that was a contributing factor to his decision, or something like that.
Man, he was like the #3 or #2 face on the brand by the time he left RAW. He was insanely over, and no doubt would have perhaps gotten a feud with Regal over GM. He also probably would have made a decent chunk of change from guys with his merchandise... sucks that he loathed RAW though.