Flintoff's not particularly close to the best player in the world I don't think.
He's the second best seamer in the world, in my opinion. He's still got some competition from Shoaib, Pollock, and maybe Bond if he continues to develop etc, but right now I'd rate Flintoff second and Shoaib third.
He has a long way to go with the bat though, and I'd still be picking McGrath, Warne, Murali, Dravid, Kallis, Ponting, Lara and Gilchrist in my team before Flintoff right now. As far as the best all-rounder in the world goes, it's no contest, he's it by a mile.