Are WWE wrestlers the top level?

Coming from Australia, I have only limited knowledge about any of the
smaller shows. Out here WWE is pretty big, and TNA has just come out on
pay-tv.
I was just wondering if the wrestlers in the WWE are really a
representation of the best out there, or are they just churning out roided
up freaks?
I remember a few years ago, WWE, WCW and ECW were the three big time
shows (especially WWE and WCW), where the cream of the crop worked.
Now, so many guys seem to get into the WWE and have no wrestling
talent what so ever (look at Masters and Umanga).
How do top workers in local shows compare to both the top level guys in
the WWE (HHH, Taker, Angle) and mid-card workers (Snitsky, Val Venus,
Spirit Squad etc) in terms of wresling ability, ring psychology and all that?

Anyone else?