From a wrestling stand point, this is horrible, because once again its W.W.E. stepping outside of their own roster.. and giving up most likely a ton of television time to an outsider who will never be more talented than your average indy federation wrestler. (K-Fed, anyone)
I think, no, I hope, that this will blow over and become nothing. Gawd forbid this actually happens and the storyline somehow involves more of John Cena and his outside of wrestling - rap (wannabe) career.
Overall, I hate this idea, because A.) I can't stand rap music.. and B.) I think the television time would be better served to be given to more talent to build them up for the future.. as opposed to boring the shit out of me, watching a wannabe, trying to figure out how to properly apply a sleeperhold.
And finally, I don't care if this is Eminem the rapper, or M&M the candy, whoever you consider the guy to be.. he IS NOT a legit Professional Wrestler. He's a glorified t.v. spot, which is only designed to make the Entertainment portion of Wrestling, even more fake.