No. Bob Dylan is still the Bob Dylan of our times. Go listen to Modern Times or Love and Theft again. In the genre, I'll still put Common above Kanye in lyrics, and so would Jay-Z. How about The Roots?
Kayne, as a producer, does great work. His lyrics are usually good. (I'm not a fan of Misogynist hits like Kanye's Workout Plan or Golddigger, but hey.) But Bob Dylan?
Well, I was being sarcastic. I grew up with the rhymesayers and think Kanye's lyrics are a joke. I'd rather listen to Little Wayne, at least he's not pretending to be deep.
They're hit or miss. I don't think the quoted line is particularly good, but some of his lyrics are very clever, or very introspective, or very funny, or all three at the same time.
I can't believe I left Nas off that list. I don't think you need to worry about YC applications:
"I'm the Buffalo Solider / Smoke you like a dreadlocked Rasta / loadin' a spliff"
Surely PG would appreciate the poetry in that.
And this is magically topical, since in my mind it reinforces that Kanye may be a great producer, but even Jay says, "If skills sold / Truth be told / I'd probably be / Lyrically / Talib Kweli."