I think Lacy is an average fighter, who was massively over-hyped prior to 2005. But the reason he lost so badly wasn't just due to that factor, you can't take the credit away from Calzaghe, for absolutely wiping the floor with him. There are a lot of fighters who can beat Lacy but I don't think any fighter can do what Joe did to him. Calzaghe ended Lacy's career as it was known, he was never the same again, or never wil he be the same again. No fighter, that proud, recovers from a beating like that. Not mentaly anyway.
Omar Sheika was the first to expose Lacy as a limited, one dimensional puncher. If Sheika can expose Lacy then that says a lot about Lacy's potential... or lack thereof.