No, not at all. Manny was the far superior fighter tonight in every category - speed, defense, power, footwork, boxing, etc. Plus, pacquaio was beating his ass just as bad prior to the cut.
I think it was right after the 4th round when Diaz said to his cornerman, "he's too fast, he's too fast." I think that was pretty clear sign that Diaz knew he couldn't win the fight.
I also think it's clear who the best pound 4 pound fighter in the world is too. I just don't know if anyone can fuck with him. Only two guys that may be able to give him trouble are Marquez and Joan Guzman, imo.