I think skill set wise he's a top 5 MW. Sadly he has a chin that really does change things. I know you wern't making a direct comparison to Lytle, but he was able to slug it out and throw wild hooks because he could take a punch as well as anyone. If bisping were to stand and trade you Bisping haters would be loving life as I'm sure he'd be getting a few more KO losses. I think Bisping really knows his chin is his weakness as he really only ever throws straight punches and kicks.
What he needed to do imo was at least threaten with a takedown against Vitor. Even if he didn't get it, it would mean Vitor would have just one more thing to think about.
I think if Bisping uses his wrestling more in future fights he can at least decrease the chances of him eating a big punch and possibly get his shot at Anderson.