Look at the top ten now and compare it to 2003; Ignoring Fed and Nadal, Ferrero had it tougher back then if you ask me. He was no where near his best in Cincy, and if you don't believe me go watch some of his matches from 2002-2003 and you will be convinced. His movement was sluggish and his forehand was not any where near its lethal best and he was meeting the ball way too late. As impossible as it sounds, JCF's run to a masters final was indeed purely luck, in that his opponents were making 30+ errors per match.
However, don't be misled by the scoreline of his match against Soderling; I saw much of the match and I was far more impressed with his performance yesterday than with anything I saw from him in Cincy. He was actually moving like the old mosquito again with that blazing footwork and was serving with precision and pace. The backhand was solid and he was running to his forehand much better than he did in Cincy. The main reason why he lost was because he didn't convert any of his five break points, while Soderling converted three of his seven.
The main thing lacking in his game right now seems to his forehand, though it has improved some since Cincy. Its still missing a little bit of pace, clearance over the net, and direction. Once he gets that forehand back to where it used to be, watch him cruise into the top five next year. However, if he doesnt do anything special by the end of the clay season, then you can give up on him.