It's not A DISS. What he's saying is, we're in the spotlight, and you really aren't.
It's the truth. Will Smith is a man who in these days, is known by his name. How simple and common is a name like WIll Smith? Extremely common, but I'm willing to bet if you went out on the street, and said it to everyone you saw, 99% of them would mention the Rapper/Actor.
Jazzy Isn't. He's known, but not in the spotlight. No where did he diminish jeff's skills. no where did he say Jeff sucked. Let's not put words in his mouth...
The "Pointing" was more of a "I'm kanye, i'm on top, and the haters are far below me"...
Maybe it wasa poor way to say it, but it wasn't a diss, in my eyes. He has no reason to. Kanye has never been the type to start problems with other artists for no reason.