I dont think so. IF verdasco is on which he is very occasionally he will give Rafa a good match and than Ferrero or Acasuso. Ferrero beat him in Cincy last year and IF Acasuso is on than he too could challenge Nadal.
so now just because Federer is out (and let's face it, that's the main reason this thread was made), it's a challenger. there are a lot of other good players who are still there that deserve some respect.