Lescott is still a very good defender.
Yes, he's not going to bring it out from the back and play quick, killers balls forward, but he does exactly what it says on the tin: he defends and defends very well for the most part.
He obviously looks better alongside Kompany. Who wouldn't? But the fact that he can looks shaky alongside others is probably more indicative of how weak the other CB is (Savic and Garcia, specifically). Remember how Dunne looked shit when he had to babysit a naïve and positionally young Richards?
The problem with Lescott is that he tends to be a little rusty if not playing regularly. If asked to come in as cover for the odd game, he often doesn't look great as he need a game or two to get up to his best. I think this is why he was weaker last season. It also suggests he's not ideal to have as cover. Can see an argument for him needing to be either a regular starter or nothing.
As a partnership, Lescott and Kompany are good enough for us to win the league again, in my opinion.