Who do you think could be the top few contenders for the title and what kind of feuds could you see happening or like to watch? And please don't say Hornswoggle, the belt went out that way and shouldn't be brought back in such a sense, but knowing WWE's tendencies I would not be in the least bit surprised if Hornswoggle was handed the championship.
On a more positive note, the contenders I could see. Unfortunately, Chavo Guerrero would not be participating (and would've chosen a bad time to leave in this case). The smaller athletes that are not often pushed could also get a shot.
I'd picture Rey Mysterio being involved for at least a short period of time, but also Sin Cara and Evan Bourne too, maybe they could re-instigate their friendly rivalry from this past week's Raw. Since WWE generally gives some extra room for weight class titles (like Mysterio being Heavyweight Champion although he's far from being a heavyweight), some smaller guys could be involved as well. Some of these that could be useful to the cruiserweight division would include Cody Rhodes, Dolph Ziggler, Tyson Kidd, Curt Hawkins, Zack Ryder, the Usos, Justin Gabriel, Trent Barreta, Primo, Santino Marella, Yoshi Tatsu, and Tyler Reks. Notice some names there that you haven't been seeing often?
I think a comeback for this division could spark more interest (similar to TNA's X Division) and could bring new excitement and a change to WWE's weekly programming. And it's no secret that an extra title (especially one focused on smaller, younger, and non-pushed talents, could benefits their careers greatly.