Personally i LOVE the hardcore division, but that's because I'm an old school ECW mark...HOWEVER....
In OCW terms...it can open the gates to a world of cheesey fighting imo, it all depends on the champion, alot of the time the title gets passed around, which kind of devalues it, but personally I think that's what it's supposed to do, then when ever you get a legit champ that gets maybe 4-5 succeSsful defenses then people start to take a little notice, it's good for elevating that specific person, as once you get the first 2-3 cheesers out of the way, you start fighting better caliber opponents.
If you look back at the reigns of myself, Pugh, Gibbs, even Tre..the first few opponents were horrible, and once you get used to integrating weapons into your match in a non cheesey way, the matches can look really good, but usually the thirst takes over and poeple go 'LOL WEAPONZ MAX DAMAGE RAAAWR'...AND IT LOOKS LIKE SHIT.
It's a LOT easier to lose a Hardcore match than it is a normal match, due to the weapons etc, people don't like losing..it's that simple.