Yes, we have lost popular music's greatest lyricist because he was a true poet. A lot of pop music stars do not care about the words they say, as long as the music is catchy. Cohen only cared about the meaning of his lyrics, making him the greatest poet ever.
The death of Leonard Cohen is a huge negative impact. We have actually lost popular music's greatest lyricist. It was actually so soon, at 82, we still loved his lyrics and i believe he was great. Finding someone to reign in his legacy will not be easy and this is so sad.
Leonard Cohen has a long legacy of writing good songs, among them Halelujah. That is why so many people were upset as his death. His lyrics were so somber that even Saturday Night Live decided to skip comedy long enough to pay tribute. There are many people that covered the song beautifully, and the outpouring to him is inspiring and meaningful.
Lyrics are defined as good or bad by the listener of the music to which lyrics are sang. Every listener has their own opinion on what defines "great" lyrics. To define a particular lyricist as "popular music's greatest lyricist" is an impossible feat. There are no existing data sets which could define "greatest lyricist".