Exactly. Del Rio winning the Royal Rumble match makes Christian more insignificant than ever before, aside from the point of interest involving Christian's relationship with Edge, which Miz touched on last night on Raw.
To make it a simple mathematical formula, Del Rio was already like, a 5 in WWE's way of thinking back in September when the feud between he and Christian (which was only going to last a couple more weeks at best, everyone's acting like they were going to build it up to Wrestlemania or something), and Christian was, oh, let's be charitable and say he's a 3. Well, Del Rio, after winning the Royal Rumble and having a shot at a world championship at Wrestlemania, is now like, oh, I'd say he's safely an 8.
And Del Rio is now beginning a feud with Edge, who, let us say, is a 10 (meaningful number for him, too).
Nothing has happened to increase Christian's numerical value, aside from being mentioned in the program a little and a little there (and note how Striker called Christian Edge's "buddy," which immediately makes you think of a practically-defenseless sort of friend taken out by a bad guy, and last night on Raw, Miz called him Edge's "little buddy"--good grief).
8 > 3
Del Rio and Christian are on different levels now enitirely in WWE. They very well might cross each other's paths, I'd say it's safe to say there will probably be a match (on TV) between them, or maybe WWE makes Christian Del Rio's indentured servant after we discover that Christian took a bad risk in the stock market (I can't think of any storyline like that one), but the point is, they're hardly equals now, and they really weren't back in September.
Christian being inserted into this program as an equal out of the blue would be one of the biggest cases of charity from WWE that I've seen in a long time. Somehow, I don't see it happening. Christian was there for Del Rio's benefit, as Matt Hardy was there for McIntyre's benefit, as MVP was there for Miz's benefit (all by the time of these respective storylines). It was never about an actual battle of equals feud. It was about older wolves being eaten by younger ones.