Not a big fan of it myself, I only watch it every now and again or if a friend tells me, that's about it...everything you said in there is pretty valid. The last good storyline I saw on the show was Angles wife heel turn, even then...eh
It's got a long way to go for sure to even compete with WWE, one thing they have to start doing if they want to have a solid run as a company is start developing their own superstars and stop 'borrowing' guys from WWE, mainly jaded guys who left WWE
A few things I like though are the run guys like Christian, Jeff Jarett, Rhyno, Billy Gunn, Ron Killings, etc... have had. WWE never really gave them a chance at the main event and their all better off in TNA because of this... Rhyno especially, he is freakin amazing in TNA, much better off. That and they do have interesting ppv's every now and again with unlikely events and matches.
And yeah, while it's creative I don't care for the Octagon ring either...never have. The core of TNA is fast paced, action packed, wrestling with smaller guys (like Petty Williams) competing...the wrestling is different, but in a good way. The fans I find appreciate the wrestling more too, the basis of TNA is hardcore wrestling fans that (even if the entertainment part of the show sucks) still cheer and support the brand...something that doesn't always happen in WWE. In a lot of ways if it wasn't for these fans, they'd of gone under long ago, their extremely loyal.
But you can't really base the entire TNA company on one show you've seen, you have to keep watching weekly or at least several more shows to form a solid opinion. In anycase we'll see where their show goes from here