There is no room for advancement on RAW, either as a heel or a face. If he doesn't move to Smackdown, there isn't much purpose in keeping him around. The only thing he does anymore is the Highlight Reel, and even there he isn't nearly as entertaining as Carlito.
I used to be a big fan of Jericho. But he's been jobbed out so much, that I find it hard to even care about him anymore. Say all you will about Benoit, but he has been treated with far more respect than Jericho has, and thus he is still capable of being a threat in big matches and rarely loses midcard matches. I wouldn't be suprised to see Jericho get jobbed out to Hurricane. That's how far his star has fallen.