The IC & US title can work, just like the days when WWF had the IC & Euro titles, but these dasy the titles arent used properly!

The Euro title was less than the IC title, and was a real midcard belt, where as the IC title was used as either a stepping stone belt to build up momentum for a wrestler to make his way up to main event status, or a holding title for main eventers not in the title hunt currently which gave the up and coming stars more credibility when they faced the IC champion.

These days both belts are mid card belts!
Despite guys like Orton & Cena holding the belts, you never got the feeling it was a developemental thing as their opponents were usually fellow mid carders!

With guys like Benoit & JBL holding the US title recently, you dont really get the feeling they will ever be heavyweight champs again unlike the days when HHH, Stone Cold & The Rock would do battle for the title!
You feel like they are now just mid carders again!

The biggest problem is exactly what JLA said, the brand extension!