Michaels hasn't held a world title belt since 2002! Which i think is ridiculous, i mean in recent years he's been having fantastic matches and amazing feuds. He's been one of the top entertainers in WWE and i think he definitely deserves another title run.
All you have to do is look at the PWI Match of The Year award. Since 2004, the winner every year has been a Shawn Michaels match.
2004: Shawn Michaels vs Triple H vs Chris Benoit
2005: Shawn Michaels vs Kurt Angle
2006: Shawn Michaels vs Vince McMahon
2007: Shawn Michaels vs John Cena
2008: Shawn Michaels vs Ric Flair
Oh and there's no doubt 2009 will be Shawn Michaels vs Undertaker
Now i don't necessarily agree with PWI but it's voted for by the readers of the magazine, so obviously he's delighting the crowd with his in ring performances in recent years. i do agree that he's still one of the best in ring performers today. Plus his feud with Chris Jericho last year was pretty epic. I really want to see the belt on Shawn Michaels.
Undertaker - don't take this the wrong way - is too injury prone and getting up there in age to be able hold the title now. He'll do what he did last time and only battle at a PPV while giving promos from the backstage during regular shows. That isn't fair to the fans, and I would not like to see that again.
I have to agree with Michaels also for the same reasons given. He's been in some really good feuds lately and it's been too long since he's had a title. I love Taker, but Michaels has done so much lately and at this point is a little more deserving.
I agree with the concensus and have to go with The Heart Break Kid Shawn Michaels. Even though I am still bitter about him screwing Hitman, I believe that he's done so much for the company, and he hasn't got a title run for the longest time.
I was to until I saw an YouTube video of a Shawn vs Stone Cold match where a fan who was mentally ill rushed over the barracks just outside the ring. Shawn helped him up and out of the zone so he wouldn't get abuses or hurt. It was really nice of him to stop the match for a few seconds to help this fan out. Showing that compassion for a human being made me like him again. =)