1) Manu is not a franchise player not close. By franchise I mean a player who can single handedly keep a team competetive and afloat in the playoffs by simply having solid role players and a consistent supporting cast for 2-3 years.
2) Manu is an excellent complimentary player and all star calibur in that role.
3) Manu isn't an all star this season, but deserved it last season because he was extremely efficient statistically, and got a boost when he exploded for 48 against the best team in the league on the road.
Without that game, the coaches likely don't put him in the all-star game. Other players had better stats and were probably more talented as scorers for bad teams. But when your stats are efficient and your scoring 16ppg 5rpg 4apg with good defense in 28mpg on a team whose leading scorer is barely getting 20ppg, you are going to get credit for that teams success. Remember the Spurs got off to a hot start pre All star game 2005. Ginobili is one of many players in the past who got on by virtue of having a hot start on a great team.
4) Manu was without a doubt an all star calibur player in the playoffs last season. You can argue the stats all you want in the regular season, but in the playoffs he was the teams most efficient and productive offensive player statistically. Yes Duncan was the #1 option, but Manu was barely missing shots, and when he wasn't shooting 7-11 from the field, he was getting to the line 8-9 times a game. Not to mention upping his rebound numbers, and basically all the other stats across the board. His efficiency and PRODUCTIVENESS was absoluttely absurd for a support player. I don' t really remember a second banana who was that efficient and productive in recent history, with the exception of Kobe Bryant (and he wasn't very good in 2004).
5) Manu's play in the olympics showed he can play well against USA talent -- that he can drive, shoot, and compete with them. He wasn't like the Italian players spotting up 7 feet beyond the arc and getting hot. He took them inside, and made shots on the outside. He played solid overall basketball and lead his team to the victory. Several other N BA calibur players could probably do the same thing if they had the same chemistry he had with his fellow Argie mates. But nonetheless it was an impressive showing in 2004 from Manu. It doesn't make him a franchise player. It just shows he has the overall game and leadership abilities to be an all star calibur player who be a spectacular playmaker in his own right on many occasions. Not like a franchise player, but a good NBA player.