This topic is greatly over-done and the majority that actual bothered to read the manga know he would have been a good Hokage.
As far as some points that were addressed previously and some competitors...
-Kakashi would not be made Hokage over Itachi. In terms of wisdom- he does not beat the latter there. Nor does he beat him in pure skill. Kakashi excelled, but he wasn't as much of a prodigy- proven by the feats each had when they were younger and the author's own admission in terms of what he wrote pertaining to them. Kakashi would also be considerable weaker, due to never having an inkling of a chance of acquiring sharingan.
-Obito. The problem with Obito is that due to being an outcast for his lack of abilities and looked down upon by both people insideoutside his clan- he wouldn't be for them. This Uchiha never cared for his brethren, nor was he close to them. He also lacks leadership skills and would not be strong enough to leader, due to Madara never teaching him for 2 years in some run-down, abandoned cave. It isn't only about making an Uchiha Hokage. It's about giving them more political power. It would make more sense to make the heir, Itachi, who cared for both his clan and the people Hokage... than it would be for an Uchiha who is not elite (and therefore not an accurate representation) who could care less about the Uchiha a leader in the village. If Obito took over, he'd just follow what his colleagues tell him and not do what was best for the clan. He was closer to Minato and the like than he was any Uchiha... this isn't a good sign.
As for power in this scenario...
Kakashi 100% will never get sharingan.
Obito never gets MS 100%, since his only comrades are Rin and Kakashi- the chance of them dying is minimal.
Itachi only gets MS if either a close family member (Fugaku/Mikoto/Sasuke) or Shisui die- but this is minimal too (though slightly more likely since he has more people close to him than Obito does).
3 tomoe Itachi> 3 tomoe Obito> sharinganless Kakashi.
The best part here is that Itachi never goes blind but remains the most elite in his clan. Ironically, never acquiring MS is better in this scenario. He's also the least likely to die, considering he's the strongest both in this trio and in his own clan.
As far as the Hokage position itself...
It doesn't matter nor does it mean anything.
Initially when we see the series, as an audience we think it's a big deal. Years later as the series progresses, it's revealed that it's mainly just a paperwork position and looks like they need a figurehead to please masses. (No offense to anyone who thinks it's cool.)
-No Hokage prior Kakashi/Naruto was 100% clean in their political policies.
So much for being for your "family".
-You don't have to be Hokage to fight for the village to protect it.
Naruto had to defend the village against Pein. Tsunade couldn't manage it.
-The most notable aspect of being Hokage and why most initially want it is for glory reasons. To get their face on a mountain.
I think one would rather actually do something notable in the shinobi world than be a figurehead.
-Hokages are not the sole decision makers if they choose to be. Meaning, that they can have assistants decide for them or at least "guide" them.
Case in point for Hashirama (slightly) via Tobirama.
Case in point with Hiruzen via Danzo.
Case in point with Naruto via Shikamaru.
Most people that took the Hokage position were not qualified on their own.
Point is, it's smarter to just be a shinobi and do your part than it is to sit down and sip tea as Hokage. A ninja could play their cards right in NV and be better than any Kage in terms of influence.
In terms of personality?
The argument that "so-and-so" is the type to be behind the scenes and follow orders makes no sense. Why? Because that's what every single person who became Hokage did (minus Hashirama/Tobirama since they helped set up the village at the early point) before getting the position.
At least Itachi has more leadership experience, since he was the Anbu captain for a while. He'd even acquire more, since he'd take over an entire clan someday. Obito has literally none and would never get any, while Kakashi's was only from his team- ordering around Rin and Obito while having a complex about it.
Would Itachi want the position in the first place?
Given his personality- no.
He doesn't go for glory, funny enough glory went for him.
When he'd be informed that he was chosen to be Hokage in this scenario- his reaction would likely be like Kakashi's was in canon. He wouldn't really desire the position, only take it if no one else would.
Conclusion- would Itachi have been the fifth Hokage?
I don't think he'd ever be Hokage. He wouldn't want it and as a result some other shinobi that would have their head in the clouds would take it. However, is he qualified- yes more than enough. And if he accepted, he'd do a fine job, too. He'd also do it the right way and get things done for both his clan, the village, and the shinobi world. Not that he needed to be Hokage, since he did all of that to varying degrees as a shinobi in NV anyway. That's why he's known as the "True Hokage" in this series.
