The World Wrestling Federation was able to put on some good Pay-Per-Views back in the day. However, World Championship Wrestling was able to make better Pay-Per-Views in my opinion.
In my mind, some of the best PPVs from WCW came from 1996 - 1998 because of one thing: Hulk Hogan and the New World Order. If it weren't for those guys, WCW might not have been able to compete with the WWF.
Most of the matches that came out of their matches were Match of the Year, 5-Star Match candidates. Rey Mysterio Vs Eddie Guerrero for the WCW Cruiser Weight Championship is a great idea of what I'm talking about.
Why WCW died is beyond me? Oh wait, I know how they died, but if it hadn't happened, we wouldn't be stuck with the awful wrestling product the WWE is giving us. *sigh* Long live World Championship Wrestling.