WWE did something really, really smart...
They wanted to change the look of the Intercontinental belt, not a big surprise since it had the same look for over 15 years. But when they changed it, they didn't make it spin, they didn't make it bright orange, they didn't even customize it to one superstar. They changed it back to how it looked when greats like Bret Hart, Shawn Michaels and Mr. Perfect had it.
It is not the belt for the most popular guy. It has usually gone to the best worker in the business. That may not mean a lot to some, but if you look back, it shows a lot of importance.
WrestleMania III will always be remembered for Hogan slamming Andre the Giant. It was a great moment, but just that... a moment. The entire match before Hogan/Andre was one of the greatest full matches in WWE history between Randy Savage and Ricky Steamboat. This belt creates entertaining storylines, champions, and (most importantly) wrestling matches.
If you look at a list of champions, its hard to see many blemishes. Cody Rhodes is a young superstar who is a great wrestler, a legacy in the business, and has vocally stated his respect in the Intercontinental Title.
Sure the belt isn't the first priority, and sometimes its even forgot about (including this Sunday at Vengeance). But with its history, look, and title holders... its the most credible belt in the WWE today.