The beauty in Henin's backhand lies in how simple it is. It works all the time, under pressure or no. In fact, if you watch others like Mauresmo, Gasquet, Robredo, and even Fed, when pressed for time they will execute a backhand similar to Henin's. It is the backhand everyone should be taught.
Arguing if it is better than Federer's means arguing what makes a backhand great. Federer's backhand only 'breaks down' when pushed by the greatest players this planet has ever seen, and many with the greatest forehands this planet has ever seen like Nadal and del Potro, and on some of the slowest courts ever. Federer is 10-14 in finals against Nadal. Even Djokovic is only 7-11 in slam finals vs Nadal, and he has a two hander. Few other people will ever be able to say such a thing. Henin never had to develop a backhand to combat this type of game. She never in her life saw a 90mph forehand with 4,000rpm on it, whereas Federer could spend hours looking at it and win.
But Henin's real weapons were her forehand and her serves. Consistently placing a first serve at 110-115mph, and second serves with good speed and spin as well. Hammering forehands cross court and down the line is what won her matches. And this during an era where they were only just starting to slow the court down. Many also forget Henin played not long ago, and has played many of the WTA players that only recently have retired, and this whilst using gut at high tensions. I think in a modern game, she would have done rather well. After all, Henin is 4 to Serena's 3 in head to head slam finals.