I'm not going to smark out and say that Punk's heel personas have been more effective than his phases as a babyface, or that his matches in ROH were any better than his current matches in the WWE. I believe he's just as good or better on either front. That being said, here's an ROH match featuring a heel Punk against the great natural babyface Jay Lethal. I watched it last night, thought it was really smart, exciting and fun, and thought you'd enjoy seeing it also.
CM Punk vs. Jay Lethal, Death Before Dishonor (7/8/05), ROH
I haven't looked into what angles were going on at the time, so I'm afraid I can't explain the context of the match. They probably talk about all that in the commentary, which I haven't heard. (I was listening to music while watching.)