Gut feel tells me Port underperformed, Essendon got ahead of themselves and lost a GF they should have won, and Brisbane were a very very good side that would have won in 04 without injuries.
You can't have it both ways. If Brisbane were so good then how could have Port underperformed? Going by that reasoning Port shouldn't have won any Grand Finals at all as Brisbane were so much better. Were Brisbane weaker in 02/03? - I'd say they were actually better. If Port's All Australian Ruck/rover combination of Primus and Francou not go down in 03 would they have been a better side than Brisabane?
If in your opinion Brisbane (bar injuries - always a great analysis in hindsight) were so much better than Port and should have won in 04 how could Port have under achieved?