Shogun for a long time was my favorite fighter; he was the one who got me into MMA. His Pride GP run was legendary.
However, his career has been inconsistent. He's been plagued by injuries and it seems like his lack of serious training prevented him from really performing at his potential often. He also has some very embarrassing losses, like his first round submission loss to Chael Sonnen and his recent first round TKO loss to OSP. In both fights, Shogun got off zero offense and his opponents were not that great - though they had the presence of mind and strategy to capitalize on some of Shogun's boneheaded errors.
Also, Shogun has steadily been on the decline since UFC 113. That last injury really took a toll on him and he's never been the same. His footwork, movement, and growing lack of diversity in his game demonstrate that he's progressively on the downslide. In short, Shogun in the past few years is but a shell of the fighter he once was. Yes, the ring and Pride rules favored his style more than the cage setting/UFC rules, but he still showed so much more promise. He still has accomplished much, arguably moreso than Machida in actual titles (and beating Machida when Machida was an undefeated champion who had not yet lost a round at that time).
Machida's legacy is great because he's still performing at the top level. He was undefeated, never having lost a round in his MMA career, when he took the title from the then-undefeated Rashad Evans in a flawless victory. Machida has had many more flawless victories, especially in recent years. He's also still right in his groove. Unlike Shogun, Machida's never had a boneheaded loss with amateur mistakes. Rather, Machida's losses were either pretty close or a function of the scoring system.
Machida's loss to Shogun at 113 was legit. While Machida was winning that fight, the durable Shogun found a way to knock him out.
Machida's loss to Rampage was questionable - he "lost the contest" in the sense that he didn't do much in the first 2 rounds, but neither did Rampage. Machida was the one to hurt Rampage the most and get closest to the kill. Rampage "won" on perceived octagon control for the majority of the contest, even though it's pretty clear that he lost the "fight." Given the current scoring system, however, one can see how Machida lost, though a victory for Rampage seems generous.
Machida's loss to Jones was legit. Machida, a natural MW, fought a huge guy in Jones. Jones adapted well, though it's quite clear that, just like Vitor before his own fight with Jones, Machida was not well physically. But you run what you run, regardless of your condition, and he was well enough not to cancel the fight. A legitimate loss, but I think Machida could have a better showing the second time around.
Machida's loss to Phil Davis was a WTF. Not sure how the judges gave it to Phil on that one. They seriously need to rethink "octagon control."
Machida's loss to Weidman was legit. Yes the weight cut may have been tough, but he still put up a good showing against the still-undefeated champ. I think Machida wins the second time around at Weidman though.