Actually, they are using the template that made Stone Cold into something huge with CM Punk.
1. Have him be edgier than everyone else, Austin was the first guy to use "hell", "damn", and "ass" on a regular basis on WWF programming and it made him stand out when everyone else had to settle for threatening to "kick your butt" in promos. Flash forward to today's PG WWE programming and how CM Punk can talk about Stephanie having HHH's balls in her purse. They have been easing the restrictions on the PG stuff as of late, but Punk clearly gets the ok to go further than pretty much everyone else in terms of what he's allowed to say.
2. Have an authority figure throw roadblocks to try to keep him from being champion. Vince threw everything but the kitchen sink at Austin to keep him from winning the title, and it got the crowd to back him despite the fact that Austin really never stopped acting like a heel. Now we have some combination of HHH/Steph/Nash/Johnny Ace keeping the title away from Punk (who never really stopped acting like a heel), and he's getting the loudest reactions of anyone on the show.
As an added bonus, Hunter can still perform so when they build to the eventual match vs Punk it won't be as much of a stretch as it was when they finally had to have Vince vs Austin in a match. I never really bought that Vince (as jacked as he was) stood much of a chance in a match against Stone Cold. Since HHH isn't too far removed from his full time wrestling career, it won't be straining credibility.