I think the big issue with ECW was frankly that Vince didn't agree with the product. So even if he did understand it, he almost certainly wouldn't try to replicate it with any level of authenticity (aside from the One Night Only PPV). More than anything I think he just wanted to use the name for a C list show where the can debut some new talent.
It was mostly a bust... though I do think it was a bit of a learning experience which likely helped in the development of NXT.