I pretty much agree with everything you wrote. I think Penn is without doubt the top Lightweight in the world right now. I agree that Sherk is his biggest (only?) competition in the UFC currently, and if BJ wins that fight, I don't see him losing his belt in the next year or two. Huerta seems like the consensus pick to become the next Big Dog in the Lightweight division, but I think he's still a ways away from being able to challenge for the belt. Tyson Griffin and Frankie Edgar are ahead of him, imho (although I think their size could be a hindrance against the elite Lightweights).
A couple of suggestions: As a kind of "introduction to B.J. Penn", it couldn't hurt to toss in the explanation of his nickname. It's cool, and new fans might not know it already. I also noticed a few editing errors that a spell-checker wouldn't pick up (like errant apostrophes - e.g. "Penn is one of the scariest fighter’s in the world"), and the first paragraph under "Upcoming Fights" was obviously written very late at night.
A good editorial and primer for new fans. Overall, I give it a