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Considering the man has not had a singles push for the World Title in almost three years, yet consistently gets some of the best reactions on the show, should be a pretty good indication of Jericho's worth.
As for his in-ring ability, it's quite a bit different from the likes of Benoit (although if you look at the really early Japan/ECW stuff, they're practically identical), but he's got solid work. Even when certain folks in the company (coughHuntercough) put him in a predicament where there's no conceivable way for him to go over (i.e. the Goldberg feud), Y2J still gets the crowd thinking it's still anyone's match.
I'll admit that much of that is due to what he does out of the ring, but the guy can sell like crazy, and has a great offensive arsenal that works for him both as a face and a heel. Sure, his chops look like crap, but unless you're Chris Benoit or Ric Flair that usually isn't a critical part of the match. Jericho's got a fantastic mix of ground-based and high-flying offense, and in my opinion, he's the most well-rounded wrestler in the business.
Oh, and as for naming a great match where Jericho clearly out-shined his opponent, I suggest looking at the afore-mentioned Jericho/Goldberg match from 2003. Not 5-Star by any stretch of the imagination, but Jericho was working with one of the sloppiest wrestlers in the business (whom he has legitimate beef with, no less), and he carried him to a fantastically convincing match.
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