Alvarez may not have fought anybody elite yet, but IMO he is the real thing. At his peak I think he'll be better than Martinez was at his own. But as most posters say this is a little bit early for him to be sure of winning this particular fight.
At this point it would still be a good fight, and while the odds are in Martinez's favour, Alvarez will not be schooled like chavez jr and has more than a big punch going for him.