All the mistakes Rafa made in his time at LFC were the result of poor owners (tons of awful signings, getting rid of some key players, increasing the wage bill to unsustainable levels) but all of the good things were solely down to Rafa.
I maintain that he did well to reach 2 champions league finals - of course he did - but he was only able to do that because he didn't give a jolt about the league. Maybe that's all LFC could/should aspire to, but I think the true test of a manager is one who can do it all.
I do see the argument that his tenure at LFC is literally the best period of a large number of LFC supporters' lives - hence the legendary status. He also went after Ferguson (and failed, but we'll ignore that) which of course makes the more RAWK-ish crowd happy.
We'll see. For every success he has had, there has been an abject failure. Personally, I seriously dislike his brand of football and don't think it will work with Torres. Maybe if Chelsea go buy Falcao then Benitez will have success, but I maintain that I could manage a team with Hazard, Mata, Oscar and Falcao up front and I have success.