He had pace that killed defenders and was a decent finisher. He was very good, for a short period of time.
Sadly for him, how long you remain at the highest level, ultimately defines you. Theres plenty of one season wonders, or players who shine for several seasons but few who last the distance and become true greats of the modern era. The likes of Lampard, Gerrard, Shearer, Terry etc etc did it for over a decade and lead the clubs with heart and desire.
Micheal Owen will go down as a talented, mercenary, crock, who shone in a few high profile moments but will never feature in a list of all time greats, certainly not in terms of club football.
When referring to Owen, people will say "he was decent", when talking about Shearer, nothing more will need to be said.