I'd say that Ulquiorra's statement was meaning that Ichigo's raw Reiatsu was greater than his own, but his ability to utilize it, even in Vaizard form sucks. So yeah, pretty much. Hollow Ichigo said back in Soul Society the same kind of thing (Bankai is breaking your bones and all that crap when he appeared and saved Ichigo from Byakuya) so when Ichigo learns to control his Reiatsu fully in a way that's not detrimental to him, then he'll be able to top Hollow Ichigo and, of course, Ulquiorra.