I agree its a great rilvary, and though I was disappointed with teh result at teh Aussie Open, I think that Nadal deserved the win. In the last set he seemed like he wanted it more. (And thats saying alot for me who is a huge Federer fan and I don't like Nadal all that much.)
I do think that Nadal has the chance at the Grnd Slam though, but Wimbledon might still be the challenge though, because that is the tournament that Federer will really try to win above all the rest. I feel that reclaiming his Wimbledon title is going to be a great motivator for him.
And for the US Open, Nadal has yet to make it to the final there, I think mostly because at that stage in teh season he is a little fatigued, just because of the strenght and power with which he plays. (He is remarkably fit though, so really its not that muc of a factor, but to me it can be).
And lastly, we have to remember that Nadal is much younger that Federer (in tennis years). Some would say that Federer has passed his prime in tennis terms (20-26) whisltt Nadal is still in the middle of his.
Federer hasn't fallen from grace, but I think that his problem with defeating Nadal is more of a mental issue than an actual talent issue, and if Federer could just overcome that mental block he has there he could overcome the stumbling block that is Nadal. To me Federer's lack of confidence in himself against Nadal is what really cost him the fifth set and the Championship at teh Aussie Open. That is not taking anything away from Nadal, but infact giving him points as he proves that he wants it more.
Sorry guys, I didn't realize that this would turn into such a long post.