Is making huge strides in my view.
I'm not entirely sure why the WWE has decided to create a second Women's Championship to complement RAW's WWE Women's Championship, but my guess is that they've come to realize that women's wrestling is quickly gaining more and more respect from wrestling fans, as women wrestlers (I do not, have not ever, and will never refer to them as "Divas") are improving more and more every year.

Also, TNA Wrestling has been mostly benefitting from their Women's division, as it's often the highest rated portion of their shows.

Now, I'm a WWE fan over TNA, however, I do tend to give much more respect to TNA's womens division for the following reason:

TNA Wrestling pulled a great deal of their talent from SHIMMER Women's Athletes, while the WWE continues to pull much of their "talent" from modeling agencies and things that are nothing more than beauty contests.

Now, I have a great respect for the WWE's following women WRESTLERS in Mickie James, Beth Phoenix, Natalie Neidhart (all three of which I followed in the indies long before their WWE debuts), Victoria, and Melina (who in my view has come a long way in her training, much like an early Trish Stratus when Trish began to really learn pro wrestling).
I will always view Trish Stratus as being one of the best women's wrestlers in the history of the business, as she went from knowing nothing about it to being one of the most spectacular in-ring performers I've ever seen out of a women's division, and a future Hall of Famer.
I will give Amy "Lita" Dumas her fair share of respect as well, for reinventing women's wrestling with the luche libre style in her in-ring work, which was seldom seen before her out of women wrestlers.

I do NOT respect the "Divas" of the WWE such as Kelly Kelly, Michelle McCool, Ashley Massaro, Cherry, etc. They show little if any improvement and have no business competeing on live television most of the time.
I particularly don't like Maria or Candice Michelle. While they may know basic wrestling moves and are slightly more talented than the other Divas, they're nothing near the talent of their women wrestlers, and their extremely small and skinny frames in my view will make them more accident prone in the ring with women like Phoenix or Victoria (example: Candice Michelle's broken collarbone).

TNA Wrestling has a good amount of women I give a LOT of respect to for either their TNA Wrestling work, their work in SHIMMER Womens Athletes (and with some, Women's Extreme Wrestling and other promotions), or their work in all of those promotions, such as Roxxi Laveaux, ODB, Velvet Sky (Talia Madison on the indies), and Awesome Kong. Their acquisitions of Jacqueline and Gail Kim have also proved to be good moves. While I'm not big on the very few women in that company that can't wrestle for nothing, such as Christy Hemme, or Traci Brooks, they still put a great deal of effort into their attempts and their respective gimmicks, and in turn make very good ringside managers/valets.
I personally despised Hemme until she got hooked up with the Rock 'N' Rave Infection, and as lame as they are, they really do work their gimmick exceptionally well.

At any rate, I believe the bottom line is that the WWE is realizing the draws that women's wrestling are only just now starting to reach. Many of you will disagree with me I'm sure, but pay close attention. All women's promotions in the country are starting to gain massive popularity, and not merely because they're all women in tights. Women's wrestling is going to become bigger and bigger draws for shows, simply because the women are trying harder and are becoming more and more talented as time goes on. And now that the WWE realizes that, they're bringing in another women's championship to jump start an official Womens Division on SmackDown!, so that a Draft will no longer hinder a women's wrestler (like it did Victoria for so long, or newcomers like Neidhart), and will allow for more spots for more talented women wrestlers.

Now they just need to get rid of the horrible acting, terrible in the ring Divas like Kelly Kelly and Layla and the WWE will maybe be back on their way to achieving better ratings... at least as far as the Women's Division is concerned.

Thank you again for reading my blogs, sorry it's been so long since I've posted, been busy. I'll likely put up my thoughts on the rest of the things I feel hinders the WWE rather shortly.

If you would like to contact me to comment on my thoughts and opinions on wrestling, or to just b.s. about professional wrestling, you can reach me in the following ways:
Email me at rockstar.dlind@yahoo.com
Message me at http://myspace.com/dlind1984

I'll try to get on here and do more posting but the summer is going to be hectic, as I myself am planning a return to pro wrestling training here in Ohio as early as August 2008. I trained very briefly in 2004 and was offered a professional debut after less than a month of training, but instead chose the Navy and a fiance that only wound up stabbing me in the back and was a mistake... so now four years later I'm going to give my dream a real shot... because I know after that brief time in a run-down ring in the basement of a bingo hall that there's nothing else I want more, and nothing else I'm more naturally gifted at.

Again, thank you for reading and sharing your thoughts.
We all are what makes professional wrestling what it is today. And that is the greatest form of entertainment in the world.