I believe that Itachi Uchiha is one of the strongest characters in theory only, and this is why.
Genjutsu has literally no logic because all it takes is one look in your opponent's eye (which is basically the start of the match) to defeat him/her. Now, obviously you can break out of genjutsu but I'm specifically talking about Itachi's tsukuyomi because you need sharingan to break out of this.
However, I do not believe that Masashi Kishimoto portrayed Itachi as even top 5 material.
Going by everything presented to us as facts in the manga we should assume:
Madara has Tsukyomi and Amaterasu, (and since Itachi had no reason to lie this must be true) because he had Susano'o. And if this were the case that would mean Hashirama (before death) has no counter to Madara since Madara has Tsukuyomi, and Hashirama is therefore weaker than Hashirama. However, it was clearly portrayed that Hashirama was stronger which concludes we cannot use logic.
Even if we assume that what you believe Itachi said was true this would still be amazingly flawed. Madara lost with a the help of the nine tails. It isn't debatable who was stronger. Anyway you're entire premise was based on a misconception. Once Itachi awoke powers in both eyes, Susanoo was born. Did you miss the chapter where Kakashi used PS despite having neither Tsukuyomi or Amaterasu?
Now if we assume that Madara does not have the two jutsu because of feats then it is not that irrational to assume that BZ's hype on Yata Mirror is false as well especially since it lacked in feats or that Hashirama is stronger than Hiruzen (as he was clearly portrayed to be).
Whole premise is ridiculous. You based it on your flawed logic about Madara and that's enough to make it wrong though there is more.
Now, my point is kids, that it doesn't matter what Jutsu that person has in his/her arsenal, (unless it is a VS thread where it is meant to be in theory only) you need to see how that character was portrayed in terms of strength.
This is hilarious. Discounting Jutsu and etc. to make Itachi seem weaker, because his jutsu makes him stronger than you want?