@GIRUGAMESH: Jiraiya was an amazing ninja. I think Itachi's statement does still stand, at least until Itachi's death. Jiraiya would have beaten Pein if he hadn't been hit by a surprise attack and lost his arm. A ninja without an arm is pretty much useless because they can't form seals anymore. Pein himself admitted that there was no way he would have won had he not kept his secret. I'd wager Jiraiya was more powerful than any of the current Kage and we know that he would've been the Leaf's Kage if he hadn't turned the position down. Think about how easily he took Konan down, he made her look like a rookie if you need further proof of his power. He just didn't get a lot of fight time so people tend to think he's weaker than he actually is.
But like I said even Pein admitted he would've lost to Jiraiya, Itachi said the best he could hope for was a draw and Kisame outright stated that he couldn't beat him.
Itachi isn't as powerful as he's made out to be. We have to completely disregard Izanagi and Izanami because he would never use them unless he wasn't planning on living much longer after this fight. He's definitely a great ninja, easily Kage level, but he's not the greatest ninja in the Narutoverse as a lot of people seem to be thinking, not even close.
I say he'd still get outright speedblitzed by Minato, who by Raikage's own admission was a man who could not be surpassed. If anyone needs further proof of his power he was able to warp one of the Kyuubi's blasts and was fighting well against the Kyuubi without the sharingan or senju cells. A lot of people seem to forget just how powerful the kyuubi was because kyuubi keeps getting tamed by the sharingan or senju. Kyuubi was said to be able to destroy mountains and cause tsunami's with the flick of it's tail.
Then, likesaid he made Tobi look like a clown. He also made Raikage and B look like clowns too. Plus, as I've stated before he can do BFR. He teleported they Kyuubi at least a couple of kilometers away from the battlefield and the Kyuubi is massive. If necessary he could always teleport Itachi away to wherever. During his fight with Tobi he'd undone Tobi's control over the Kyuubi before Tobi had even realised.
Minato is probably the most powerful ninja in the entire Narutoverse. That is all.