I've always figured there's a difference between "greatest series ever" and "best series ever". Greatest has to do with who's playing and in what situation - it should be the conference finals at least, or an earlier matchup where it's agreed that the winner will almost certainly take the title, and they go on to do so (like Spurs/Suns a couple years ago). Rivalries count, career arcs count, even performance in later seasons counts (the 87 ECF wouldn't've been quite as epic in hindsight if that Pistons team had fallen apart afterward).
Best series ever, on the other hand, should be independent of context and solely focused on what happens within the series itself. Doesn't matter who's playing, in what round, or what they go on to do, it's purely competitiveness, drama, and level of play within the series itself.
By these criteria (just my own thoughts) this isn't one of the greatest series ever but is certainly one of the best. Same with your hypothetical. Just my 2 cents...