It's definitely not the ultimate eye. All that does is give the user enhanced reaction time.
And Lelouch's geass is very useful against living beings but if he were ever in a situation against inanimate objects such as barricades or robots he could do nothing.
Hiei's jagan gives him mind control over humans and weak demons, illusion bypass and enhanced vision. Good but is it the best?
Madara's eternal Mangekyou sharingan gives him illusion casting, mind control (however that kills the victim afterwards), limited space/time warping on himself including teleportation and intangibility and even minor self reality warping such as undoing any attack against himself (this however can only be used twice ever unless you take a sharingan from somebody else), and presumably he gets the other mangekyou abilities, amaterasu the inextinguishable fire, Tsukiyomi mind world which he controls, and Susanoo guardian which protects you and attacks enemies. Additionally it gives users increased reaction time, limited precog ability and the ability to copy most other chi/chakra based techniques. I think it is clearly the best so far.
Last is the rinnegan. It gives the user the abilities of the 6 paths. 1. Deva Path which grants the user gravity abilities to the level of wiping out small cities or creating mini moons. 2. Animal Path which grants the user the ability to summon animals including unnatural giant and/or mystical creatures. 3. Preta Path which gives the user the ability to absorb chakra chi including chakra/chi attacks. 4. Human Path gives the user the ability to read the victims mind and/or extract their soul through physical contact. 5. Asura Path gives the user superhuman physical caliber but it also had robotic appendages. 6. Naraka Path gives the user the ability to summon the Outer Path. 7. The outer path can discern whether a victim is lying or not and can absorb all their life force. It can also fully restore all the other damaged paths and can revive the dead.