You are right, but don't you mean the Fourth Hokage when you say "Madara lost to the First and Third?" As well as the section where you say he had "his plans ruined many times (by his own clan, the First, the Third, and Pain's betrayal)?"@silenceofthelambs
For the sake of the story, if Madara is to be the main villain, he should be very strong if not the strongest ninja around.
But the story so for has not stationed him so. He didn't overpower anyone, hasn't shown any significant power that would jawdrop, nor has shown extreme intelligence so far.
All we have is a madara losing to 1st and 3rd, no extreme power as akatsuki member (acting goofy, doing nothing in battles), info that he is "shell of his former self", having his plans ruined many times (By; his own clan, 1st, 3rd, pain's betrayal).
To be honest, he is a weak portray of a main villain compared to other fantasy stories / mangas etc. So far, all he has is being able to form&use strong characters like akatsuki and receiving some praises from various characters that he is a formidable ninja. He is being talked about alot just because the story states that he is most likely the main villain. Goofing around, getting betrayed and getting pawned is what we have mostly seen about madara. His only worthy accomplishment appears to be being able to manipulate several strong characters (which are rather "emo" than smart).
Apart from that I agree with you.
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