Matt Hughes is slowing down. He's not as aggressive as he once was. I don't believe a fighter is as good as his last performance because I've seen sooo many perform poorly, then explode as if reborn in their next fight.
In the fight with Penn, as well as his fight with GSP Hughes is showing his hands alot. He seems hell bent on becoming a striker and KOing someone.
Frank Mir said it best. "Do what you do best, and rely on your additional skills when you must."
Hughes is made to take fighters down and beat on them. If he can get back to that mentality maybe he gets his title back in one last glorious horrah. However it'll be short lived as the division IS deepening.
Embrace the pain...train hard bro...TRAIN!