Yzerman has had an excellent career, and has been my favourite player in the NHL since I started watching it again in 2000. But you're fooling yourself if people aren't expecting Gretzky/Lemieux greatness out of him.
For LeBron to be the next Michael Jordan, he does have to be dominating. In every aspect of the game, with an insane intensity and an ability to come through in the clutch.
Yes he does. Not absolute numbers, but relative numbers. He can't just be "a little" better than the Kovalchuks and the Ovechkins.
Again, it's all relative. If he's the "most dominating" player in the NBA, but not in the way that Jordan was, then he doesn't live up to the hype. He'll need to be dominating offensively, defensively, and especially in the clutch.
As an aside, while I don't watch much basketball, LeBron doesn't seem to be that similar of a player to Jordan anyways.