At one point, the IC title was used as a measuring stick for those that were being tested for main event potential like Razor Ramon and Mr. Perfect (the modern equivalent of say, Christian and Matt Hardy). At times, it was thrust upon a rookie like Marc Mero and Santino Marella. At times, it was given to the guys that were above it but not good enough to be holding that world title, like Rey Mysterio and JBL. It has it's ups and downs, but it means a lot to the history of the WWE and it will always be here, even after 125 credited title reigns.
On the other hand, though, you have the European championship, created and pushed at first to seem almost like a world title, or at least on par with the Intercontinental championship. The British Bulldog, Shawn Michaels, HHH, and Owen Hart started it off, and I'd say that's a pretty fair group to lead the history, wouldn't you say? After that, though, outside of a few minor hiccups here and there, the title became a breeding ground for people like Spike Dudley, Mideon, and Crash Holly to hold, killing all of its purpose. For many, it became the stepping stone to see if they were even good enough to hold the MIDCARD title. All in all, there have been only 37 credited title reigns, and the European title is now defunct.
Where does the ECW find it's niche? With only 15 recognized title reigns since its debut under WWE status, the belt has had the credibility of a heart attack's EKG reading. We had our mountains with Big Show and RVD (who, like HBK with the European title, held it at the same time as the WWE championship), and our deep valleys with Chavo Guerrero and Vince McMahon, and everything in between. One reign goes to a washed up vet like Tommy Dreamer, the next goes to a rookie like Jack Swagger, the next goes to a midcarder getting ready for a push like Bobby Lashley...where does it end? Of course, this all depends on the brand itself maintaining it's survival, but let's play devil's advocate and assume it stays firm for years to come. In that case, does the ECW championship retain the importance of the Intercontinental championship, where it's the next best thing to a world title, or does it become the next European title - aka, a pointless filler belt that is thrust upon those who aren't worthy?