Gotta be Pacquiao. Just beat a consensus top 5 in March, and has been facing top competition for longer than Joe. Calzaghe is a solid two though.
after that display against BHop You have an easy argument for dropping him even below the #2 which at this point is a gift. There are plenty of fighters stepping it up. Paquiao is the consenusus #1. The manroot hugging Euros of course want their man Slappy Joe to be #1 but he has not impressed or done enough in comparison to others to be #1
Pacquiao is being overated here - I rank him at number two, and I LOVE the guy. I've had Joe Calzaghe at number two, behind Floyd Mayweather, ever since his spectacular boxing lesson against the undefeated, hyped prospect (who is pretty damn good in his own right) Mikkel Kessler. So I rank Joe number one now. Seriously, Pacquiao will probably destroy Diaz (I've had the privelage of seeing Diaz-Morales live, and MORALES almost had Diazo out in the first, and many of the CHICAGO fans thought Morales won!), but I don't see that really changing my rankings.