Yes and no. By today's standards, he'd be like a B or C level fighter.....good, will pull off some subs, but will never make it big unless he adapts his game.

But for his day, he was unstoppable. He was apparently picked by his family because he was one of the smaller and less intimidating Gracies (unlike Rickson, for example). But he was still able to easily submit most fighters. I attribute it more to their lack of submission D than his prowess, but once again, it was a different fight back then. People expected to see blood and death in the ring, but they got some scrawny guy choking people out without throwing a punch.

So: Yes, definately an all time great, but (as his fight with Hughes showed) he can't hold a flame to today's fighters.