He is in great shape, looks great and his ring attire and promos work well with his gimmick. He already has four Tag Team championships (with Hardcore Holly, Ted DiBiase and Drew McIntyre) and two Intercontinental championship reigns on his resume.
That sounds a lot like a young Bret Hart or Shawn Michaels, does it not?
Cody Rhodes even brought back the "classic" white IC title belt a few months ago. That alone brought him a great deal of attention. He held on to it for quite a while, before dropping it to two veterans in Big Show, and, recently, Christian.
What can be said about this young man now? He seems primed for a great career. Nothing should be holding him back as he leaps forward into the future.
However, in order for Rhodes to become great, he'll need patience and planning. Therefore, putting a World title on him now would be a mistake. WWE must take time to make Rhodes a force to be reckoned with.