In a nutshell this is what's wrong with the CW in my estimation:
*Letting Dawn Ostroff run the network into the ground. Ms. Ostroff used to work at Lifetime before coming over to UPN. This shows, in how she now desires the CW to be the network for the young female demographic. But what Dawn Ostroff doesn't seem to fully realize that when you're running what's supposed to be a major broadcast TV network (to compete with CBS, ABC, NBC and FOX), you have to cater as to as many demographics as possible (rather than one particular niche market that you would expect from cable).
*Turning their backs on the urban demographic, when UPN and WB had in the past, courted them when the other networks wouldn't. They cancelled "Girlfriends", "All of Us", "One on One", and moved "Everybody Hates Chris" all over the schedule with virtually little advertising.
*Poorly advertising shows that have or had a loyal following like "Supernatural" and "Veronica Mars".
*Putting all of their eggs in the "Gossip Girl"/"America's Next Top Model" basket. Just look at the CW's upcoming fall schedule. There's virtually little variety or diversity. All of the most hyped shows (e.g. "90210", "Privileged", etc.) fall into the "rich, pretty white kids" category.
*Dumping "SmackDown!" (for the sake of attracting more young female viewers) even though it was the highest rated show on the network, and got respectable ratings in what's otherwise considered the "Friday Night Death Slot".
*Cancelling "Everwood" in favor of an 11th season of "7th Heaven" just so that particular show can get cancelled again. Dawn Ostroff's logic for bringing "7th Heaven" back for one more year was because it simply got high ratings for its series finale on the WB.
*Pulling "Reba" off of the air even though it was the highest rated sitcom on the WB at the time that it shut down. Just like with "SmackDown!", Dawn Ostroff cited that the show didn't fit in with the CW's newly desired target demographic.