I'm sick of this bullshit about Itachi running from Jiraiya or that he ran from Gai. Using the Mange Sharingan is draining to the user, and he didn't want to get a big problem going throughout the village, so he thought it'd be in his best interest to retreat. Kishimoto wouldn't have Oro admit to being weaker than Itachi just to show that Oro had a big mouth and is crazy, that's just stupid. Jiraiya didn't do anything spectacular to scare Itachi, in fact he broke throw his stomach jutsu like it was nothing. We still don't know the full extent of Itachi's skills, but I'm almost certain that his skills can compare to the older 3rd and any of the Legendary 3, I don't think he was up to the 4ths level though.