In it's current status. No. The current world rally championship isn't really doing much for the sport. This last year has been pretty rough for it though with no global promoter. However, I believe in the last 5 or so years the sport has declined in it popularity, from what I can tell, caused by the lack of manufacturers and as much as this may anger a few fans; Sebastian Loeb's success. Now don't get me wrong, I am not anti-Loeb, his success can be contributed not only to his incredible talent, but the situation of the sport. The lack of other competitive manufacturers, has meant that are less drivers in works seats, hence less competition for Loeb. Citroen is a full factory backed effort. Ford is not, Ford basically contract out M-Sport to do it for them and give them a budget. Citroen's budget is a lot more than M-Sport's. BMW stopped funding Prodrive's Mini WRC campaign full time, only supporting their build of the cars. If you want to be competitive then you have to be ready spend the required amount. I suspect this was the reason that, in Subaru World Rally Team's final years, they lacked the competitiveness we were used to seeing because Subaru were unwilling to give Prodrive a big enough budget to develop a highly successful car, ultimately ending the Subaru's participation in WRC because Subaru couldn't afford it. As we have seen over the last two seasons, the second most competitive driver has been the Citroen #2 driver. Sebastian Loeb's amazing success has made the sport somewhat predictable, which is what rallying never was up until Loeb. I am not saying Loeb should retire and bugger off and let someone else win. Probably more than anyone, I want him to stay, because I want to see him beaten. There a plenty of fast and faster drivers there, they just don't have complete package that Loeb has.
However, I believe that things are going to get brighter for WRC and rallying. With Volkswagen coming in next year, apparently Hyundai and Toyota potentially coming in the future, and if Red Bull Media House are taking over promotion then the sport should start pick up again. Don't surprised if VW are competitive right out of the gate, they look they mean business. In 2013 they will be there to win. Next year will be very interesting for the sport. If the sport's popularity rises then more manufacturers might take interest. The more money that is floating around in the sport the better.
In my opinion, rallying as a motor sport, is much more interesting than any other, but now other people need to be able to see that as well, for the good of the sport.
