When determining who is better and who is truly great, you have to take in the opinions of people around the world. The cricketweb forum is a place with fans all around the world and they had a vote on who they considered truly great players. Something like 95% voted Lara as being a true great. Only about 10% voted Ponting as great (obviously that could change over time). So thats what i take into account.
To use a comparison, in Pakistan im sure they hold Inzy in as high a regard as Aussies do Ponting. Same for Miandad and Border/Waugh. But only when a player is judged by the international community is their greatness revealed. And Lara and Tendulkar are the clear stand-outs there from the last 15 years. Others that stand out as truly international greats are Viv Richards, Gavaskar, Pollock, Sobers.
The way i would put it is, of modern batsmen, the likes of Waugh, Ponting, Border, Miandad, Chappell and Inzy would be in the Hall of Fame. The likes of Sir Viv, Tendulkar, Sobers, Pollock and Lara would be regarded as Immortals.