Well, they do say that Hellmuth is great against average players but average against great players, so go figure. Then again, he does have the most bracelets. Then again, all his bracelets are from hold 'em... Then again...
But no, I don't consider him being the best, with or without the bracelets. He won the main tournament in 1989, and since then, he started winning more bracelets back in 1992, so he has been around for a loooong time already. For example Ivey has won so far 5 bracelets in 8 years, and Allen cunningham has won 5 bracelets in 7 years. I don't know about Negreanu, maybe I would put him ahead of the Poker brat as well, but definetely Ivey and Cunningham I would personally rank higher.