Maybe in terms of perceived skill/numbers (though still unlikely in that it's unlikely any given player will be as good as a first ballot hall of famer in his prime), but not in terms of relativity.
I think people really underestimate how much the rule changes have helped PGs like Rondo.
How much have the rule changes helped Rondo? Are the defenders who give him a cushion overly worried about whether they're allowed to hand-check him? He'd probably be even more effective if his defender was that close to him.
It's a domino effect that impacts more than an individual player on an individual play. It increased overall league scoring, for instance, and led teams to have to play smaller and more athletic lineups with less size and intimidation. With smaller, quicker PGs overall allowed more leeway, teams have to build rosters with quicker big men to react to them off of penetration and in the pick and roll.
Thus, overall, smaller PGs take less of a pounding from big men when they drive into the paint. The floor is also spread a lot better as immobile 7 footers are often replaced by athletic wings or athletic bigs. A guy like Rasho Nesterovic has no place on an elite contender nowadays. The game itself is also quicker, which allows more scoring opportunities and fast break opportunities. Rondo is certainly helped by this domino effect, whether teams play off of him or not.
It changes the entire lineup and the game itself. It changes the guys he passes to, his opportunities, the guys that defend the rim, etc....
This is all not to mention the defensive three second rule and the rule changes involving screeners. The game itself was different. Kidd was elite at his game, Rondo is in a clump of 5 or so at his. No shame in being roughly equivalent to CP3, Rose, Deron, Westbrook, Parker.