Having read the chapter, I like how at the end, it didn't seem like SIU made anyone look that bad:
- Traumerei: Confirmed in this chapter to be quite exhausted/having used most of his energy during the Gustang fight. This also puts more into perspective Gustang's statement about Urek potentially not having an easy time destroying Traumerei's Disconnection if it had been at full power. Add to that, Traumerei was never theoretically at 100%, since he's still missing Leviathan and other strong BH Shinheuhs like Haetae, Gran Abuelo, etc. Overall, he was seriously nerfed at this point.
- Gustang: Probably similar to Traumerei. He should be quite exhausted/having used most of his energy. His injuries are worse than Traumerei's too, He's not confirmed to have shared direct fractions of his power with his Head Librarians like Traumerei did with his Shinheuh, but it wouldn't be surprising if he did and still needs to recover all his power/abilities. At any rate, he should be greatly nerfed as well.
- Urek: We don't know what % of Shinsu Reinforcement he's using right now, but needless to say, he's been looking great. His fist was compared to the most destructive flame in the Tower, shattered Traumerei's nerfed Disconnections like glass, one-shot that evil spirit and overall didn't have any trouble dissipating everything they threw at him. Easily caught up to Vaam and made V admit that even in his Prime, there's no guarantee of anything.
- V/Vaam: He's currently nerfed in the body of an Irregular that's still in development. Nonetheless, he was able to nullify one of Traumerei's nerfed (?) Disconnection Orbs and incapacitate nerfed Traumerei with a single backshot sneak attack. While he's certainly a menace, SIU also made sure to state his limits, Taking on a nerfed Gustang and Urek (who he was underestimating at that point) at once is too much for him, even with the handicap of them not wanting to harm Baam's body (and as such, not attacking with everything they have). He also seemed a bit wary of a fully rested/fully powered Traumerei going after him. In his Prime, unsure of his chances against Urek.
- Luslec: Yes, he also looked good. He managed to trap Urek for the third time in a row and save Vaam from him. Gustang also regarded him as a very unwelcome guest, and we have yet to see him go all out. He was said to have a lot left at the end of his fight with Urek. He's yet to be pushed to his limits. I don't think he's quite at the level of a FH, but I think some people are going to be sorely disappointed if they expect him to be an ant to them. His powers are clearly being depicted as useful even against beings of that level.
Another thing I'd like to point out regarding SIU's writing when it comes to power-scaling is that he can be both extremely clear or extremely ambiguous depending on the situation. There tends to be a constant, however. If a character is total fodder compared to another, it'll be shown clearly (Yama vs Fucile, Cha vs Kendrick or Fucile, Kallavan vs Karaka, Evankhell vs 4th Army Corp, etc). However, ambiguity tends to come in other kinds of fights, such as Kallavan vs White, Jinsung vs Kallavan, etc. Tired Evankhell vs WGW, and tired Kallavan vs Lyborick are also prime examples of how much the state of a fighter can impact a match-up that would otherwise, by all indications, look close.
I think the fact that SIU chooses to give us such a degree of ambiguity and factors to consider here, is pretty indicative that none of these guys are meant to be complete and utter fodder to each other. Granted, this doesn't mean they're meant to be equal; they clearly won't be.
TLDR: These guys are all strong and deserve respect, even if not all of them will be equal.