Since when was cheese a bad thing in WWE? Look at Undertaker and Kane's entire career. Look at the Hardy Boyz. Look at characters like Gangrel,the New Age Outlaws, Dude Love and Cactus Jack... hell, look at all of the things The Rock is famous for.
My point is, cheesy has nearly always worked, and gimmicks like what Ascension have are what the WWE roster, especially the tag division, is missing these days. They work amazingly well together in the ring too, great chemistry.