Going with the same idea, another of the biggest feuds of all time was the feud that fueled the Attitude Era: Steve Austin vs. Vince McMahon. Look at the basics of this feud. You have Steve Austin, a beer drinking brawler from Texas, facing off with a billionaire from Connecticut who was borderline psychotic and willing to allow a demon who worshipped him to burn a cross like symbol on his lawn and have his daughter sacrificed in a Satanic wedding, all to get the WWF Title off of Steve Austin using his army of hand picked Corporate Champions.
On the show, Ryder began to fall for WWE Diva Eve Torres, while at the same time starting a petition to get himself a US Title shot. The fans got behind Ryder, even to the point of cheering for him while the Rock was standing in the middle of Madison Square Garden after Survivor Series had went off the air. People wanted Zack Ryder and he was all of a sudden the hottest guy in wrestling.
A month later, Ryder got his US Title shot at TLC and won the championship to blow the roof off the building. The fans had gotten what they wanted and their hero had delivered what he promised them he would do if just given the chance. Around the same time, Eve started noticing Zack, meaning that Ryder was getting the cherry on top of the US Title. Life was perfect for Ryder, at least for now.
Now for the difference between Ryder and Foley (oddly enough both from Long Island and they both beat guys from south Florida to win their titles): while Foley lost his title less than a month later, Foley never was treated like an underling again. From that moment on, he was a bonafide main event star and had risen up the card after winning a major match. Ryder never ascended at all and was back where he started from a few months later. The fans had put their faith in Foley and he had carried them to a higher level.
Coming into the match, Cena had just gotten done facing The Rock at Wrestlemania 28 in one of the biggest matches of all time. Cena had dominated the company to the point that WWE had to bring the Rock back to give Cena a legitimate challenge. Once that was gone, they had to bring in the former UFC Heavyweight Champion of the World to make Cena break a sweat. Lesnar MAULED Cena on Raw and at the PPV, taking Cena down with ease and laughing about it at the time.
In general, that lack of depth can be made up for by having the audience identify with one or both of the characters, such as in all the examples I gave you. Almost no one is going to be rich like Vince, but a lot of people can identify with having a boss they want to beat up. Identifying with the audience is one of the hardest things to do in wrestling, but if you can pull it off you have (in theory) the hardest part done and the booking can take care of the rest.