Though no reason has been given yet, William Regal is replacing MVP is Skip Sheffield's mentor. Regal was great as part of the ECW veteran crew, so working him into NXT is a fine idea. I have no idea how much of a training role the coaches will have, if any, but wrestlers who trained under Regal in the past (including NXT's own Daniel Bryan when assigned to Memphis Championship Wrestling by WWE a decade ago) have raved about him as a teacher and they visibly improved under his tutelage.
Meanwhile, The Miz put up a blog post about NXT and Daniel Bryan, making fun of his new protege's indy cred. Going by the comments, he's getting the desired reaction, at least from some fans. A member of the WWE Universe named "sk8er" gave us this pearl of wisdom:
so u saying u not awesome
"am the mizz and am awesme"
like u said all the others in the locker room didnt
care about u i dodnt think u gona make him a good
beat some else does it