Matt Ryan and Peyton Manning's arm strength are not comparable, at all. Peyton has incredible zip on all his throws and his deep balls don't float for 3 seconds before dropping down 5-10 yards behind the intended receiver. Ryan has "enough" zip to get by on his medium range throws (probably makes up some lack of zip with awesome timing), but his inability to hit the deep throw consistently, whether it was his fault or the OC's for not calling enough of those plays, is what's preventing him from being a top tier QB. I doubt he will ever have the arm strength to hit 60 yard bombs, but if he could just throw accurately enough on 40 yard bombs - he could keep defenses honest against the pass game.
But otherwise, I believe the comparison is spot on. Ryan outperformed Manning as a rookie and although Ryan didn't put up the sheer gaudy statistics that Manning continued to do, their football intelligence, accuracy, and leadership abilities are similar.
He's the leader of the next great class of NFL players."
- John Elway on Matt Ryan