That's a sick lineup right there. Sage, Paz & Ill Bill, Binary Star, Sick Jacken.. A ton of great ones.
As for Jay Z, he really is not a skilled lyricist, like I've said before. I must admit I have never heard of the old mixtapes you speak of, but rappers rarely lose their abilities with time (Eminem being the exception that makes the rule), so I doubt Jay Z had any abilities in the first place. I've even heard stories about people ghostwriting for Jay Z, but as it stands those are just rumors obviously. If you're looking for good writing see the likes of Sadistik (
http://www.youtube.com/watch?v=bLe87OXTokA a bit on the emotional side but great poetry nonetheless), Sage Francis or Heiruspecs (
http://www.youtube.com/watch?v=vmZ9umLuEp0).
Jay Z has some good lines and some clever punchlines, but overall he's mediocre at best. And Big Daddy Kane -- among others -- pioneered the style which Jay Z used/uses. Jay Z wasn't original when he first came out and he sure as heck isn't original now. The reason he's so succesful is because of the businessman in him.. It's the same story with 50 Cent. Actually you could say Jay Z is the first 50 Cent (but more talented, even I can give him that much credit).
They make pop-music; something that sells but is horribly compromised as far as lyrics, subject matter and sounds go. Liking Jay Z is one thing but people tend to horribly overrate him as an artist and exaggerate the things he's supposedly done for hip-hop (for establishing money, women and bragging as popular subject matter? Thanks a bunch Shawn).
