Edge getting HUGE heat is one of the reasons I like him, and also a reason why I was cheering when Punk cashed in on him.
Punk is like Jericho; he's only as good as his opponent, which is usually the fast, athletic types. Set him up against HBK, Y2J, the Hardys, and it'll be a 5 star match-up. Put him against HHH, Batista, JBL, Cena, it'll be forgettable.