Although some didn't like it, I personally consider last week's episode 'Butters' Bottom B*tch' to be a classic, so it was always going to be a hard act to follow. But even beyond that, I only found 'W.T.F.' to be an overall average instalment.
I don't know why, but I was really expecting / hoping that Parker and Stone would do something relating to the recent boy-in-balloon hoax – that would make a really good 'South Park' storyline. Maybe they're still working on it.
I'm not really a wrestling fan (we don't get it much here in the U.K., other than on $ky, which I don't have / want), so from the outset the plot didn't overly appeal to me. But to be fair, you don't really need to be a particular wrestling fan to get into the overall story, and although not outstanding, there were some good moments.
I don't dislike this episode at all – it has some funny sequences (I like the boys' various wrestling characters and storylines, and how their shows grow in theatrical setting), including the return of the rednecks ("Dey dook oor joobs", or however you'd care to spell it!), not to mention the first Kenny death in ages. But at the same time, it does feel to be a slight 'filler' story, and could easily slot in anywhere in any season of the show. It does also feel slightly generic, and similar to some other storylines (Cartman dressed as a woman et al).
All-in-all, I personally find this a not bad, but overall middling episode. Next week I'd be very happy if they somehow commented on the balloon boy hoax, or at very least it's time for another Randy-based story.