I'd be tempted to say that Alonso is a better racer than Schumi, he managed to keep the much quicker Red Bulls behind him on 2 occasions without a stupid move.
The MSc you are seeing in 2010 is a shadow of his former self.
The MSc of 10 years ago (say 2000), was better than the Alonso of 2010.
In 2010, Alonso is definitely better than MSc. This opinion is shared by the vast majority of the current crop of F1 drivers, who feel that Alonso is the daddy of F1.
MSc has had over a half a season to adapt himself to the new cars, but he is only just matching Rosberg's pace. He is also far behind him in the points standings.
I must admit that I didn't expect him to struggle in this manner, but the plain truth is that MSc had a very long career where he saw off the likes of Hill, Villeneuve and Hakkinen. Sadly for him, when Alonso beat him in 2005 and 2006, MSc was past his best and he knew that 2006 was the right time to retire.