Personally I think it is a mistake. A mask is part of a persona. It takes years to develop a good persona, which El Generico is. He developed the little quirks that made this character such a fan favorite. Now taking the mask off won't change his abilities in the ring. He'll still be able to do all his moves, but it will end up missing something.
I commented to a friend earlier that this is like signing Prince Fielder, a power hitter, and telling him he's your lead off man. Sure he'll still be a good baseball player but his developed skills that he spent years perfecting won't be utilized, and he won't be as effective as he could be.
The WWE does this to make sure they have the rights to all the characters and likenesses for their merchandising. CM Punk might be the last indy star to keep everything he developed. Now he makes cash but if he ever leaves the WWE, they can't stop him from making bank off his WWE fame. The fed doesn't like that.
I hope this is another instance of a talent trying new things in developmental as he waits for his call up to the show. They don't need to call him El Generico, but they should consider keeping him under the mask. Plus kids like to buy masks, and the WWE loves things kids buy. Why not just call him, "Mr. Unknown". or "Mr. E". That's a quick 10 second idea that would benefit all parties involved.
Leave a comment and let me know what you think!