Is Lowry a championship level point guard? Sure, why not? Who's playing the one for Miami this year? Are they as good as Lowry? It's a stupid concept. This is like people judging Demar by ridiculous standards. Demar is a really good second tier player that any winning team would be happy to have. Teams are not the sum of their secondary, or tertiary pieces. They are the sum of the their stars and how they work with the supporting cast.
So who are the Raptor's stars? Bryan Colangelo for the last few years has been trying to sell Bargnani as a star. He isn't a star, matter of fact, he isn't half the player that Demar (a secondary player) is. Therefore, we haven't made the playoffs. He's being replaced with Rudy Gay.
The jury is out on Rudy, but as the lone star player the best we can expect is a lower seed in the playoffs. Why? Because he's barely a player worthy of being considered a star. But at least he is better than everyone else on this team. Back to Lowry, does he have the skills and potential to be more than a secondary player -- from what I've watched, yes. Can he get there? Probably if the offensive scheme takes advantage of his talents he can take that next step. Will he? Your guess is as good as mine.