You know what Jono? Your post above was very good, and I'm inclined to say I was wrong and maybe Federer isn't quite the player he was in 2007. Although I would point out that back in 2005ish Federer came awful close to losing matches.
That said I'm really annoyed by a lot of the reports in newspapers saying Novak beat a past his prime Federer. Novak was AWESOME! Maybe he could have beaten Federer ala 2007.
There's only been one other sportsman in history who's been criticized as hardly when he was ranked World No 2, and that's Tiger Woods. I remember when he was World Number 2 and Vijay Singh was World Number 1. It was ridiculous because Tiger was playing great golf back then (he's not now of course).
Likewise with Federer. HE'S STILL AWESOME. The way Federer fans react when he loses is daft. He's dropped out of form? Dropped one notch is more like it. People said he was passed it in 2008, but the second Nadal went away Federer was suddenly back to his best and the greatest of all time. If he's not at his best, he's not far off, because he's only one rung down the ladder.
By the way, I disagree with people saying Federer of 2005 would beat the Nadal of today. Nadal is just better than Federer one on one. Federer was terrific in the 2008 Wimbledon Final (the best sports event of the last decade!), and Nadal beat him on HIS surface.
Don't forget Nadal is now at his best, and can beat Federer on any surface, including grass.
It doesn't mean Federer can't be the greatest. I think Shane Warne is a greater cricketer than Tendulkar, but Sachin certainly got the better of that rivalry, and how!