Sure, Austin's older than usual ... but he works his butt off in the ring. Watching him take, for instance, repeated German suplexes from Kurt Angle has left me with a lot of respect for him, given his history of neck injuries, and he rarely slows down on offense. Ditto Flair, who has always bumped like hell for his opponents, no matter how physically limited he is by age.
But Hogan and Nash, at least, are infamous for the lack of effort they put into their work, especially in selling and bumping, and I'm dubious that coming back to the WWF will change anything about them. Maybe I'm wrong, maybe at Wrestlemania they'll put in 20 or 30 minutes of hard work the way Austin regularly does on PPV. But I'll believe it when I see it.
Sure, bringing in the nWo will interest people in the short run. But what about the long run? Remember, a big part of what killed WCW was that they kept pushing older stars (including, yes, Hogan, Hall, and Nash) while younger, more talented guys were left buried in the midcard and given no chance to get over, to the point where many of them simply quit in frustration -- Jericho, Benoit, Eddie Guerrero, to name a few. The WWF already has a "glass ceiling" problem of its own, and cluttering up the main event with three walking attitude problems is unlikely to do anything more than add to it.