I would say so. He has dominated the sport over the past 3-3 1/2 years in a way that few ever have. In that time, he has twice won three Majors in a single season. With 9 Majors to his name at only 25 years of age, he is on pace to potentially break Sampras' career record of 14. He is also closing in on Connors' record for consecutive weeks at the top of the rankings.
In the last season alone. he came within one match (the French Open final) of completing the "Grand Slam", and set the all-time record for consecutive grass-court wins. He even managed to turn the tide against his nemesis Rafael Nadal, who had beaten him in 6 of their previous 7 meetings. He is, without doubt, far and away the best in his sport. Sadly, for all his greatness, there are still many (at least in the U.S) who don't even know who he is.
I'm sure the fact that he is not American hasn't helped his chances. A magazine is more likely to hand out awrds to home-grown talent than foreigners. It may sound cynical but, if it had been Andy Roddick, his acheivements would have been accompanied by a bit more fanfare. But there are other factors involved. Most people (and the media) tend to prefer team-sports to individual competition. Roger Federer is also well-mannered and doesn't court controversy and, to some, this may make him "boring". It's unfortunate but most sports fans want their stars to be more "extrovert" (or obnoxious, depending on your opinion), a-la John McEnroe or Dennis Rodman. Tennis' relatively low-profile and stuffy image can't help either. Even though many attempts have been made to increase the sport's popularity, it remains a lesser known and somewhat elitest sport. Consequently, it's greatest stars rarely get the recognition they so rightly deserve.