Personally I love the whole "One more match" gimmick, it keeps him relevant about the title, plus he's meant to come across as a whiny and annoying heel which it seems to achieve perfectly. Along with him joining the whole conspiracy stable, of which he is actually the most senior and the guy I assume will lead it, Christian being booked as the chickenshit heel is the best way to book him; since he isn't a believable threat like guys like Henry and Sheamus, he's someone who uses his wits to get ahead by any means neccessary.
Besides, he's the most established heel on smackdown and I like the idea of him working with Sheamus. They'll put on good matches and promos, I'd sure as hell prefer that as the world title feud to Orton/Henry