How powerful was Lord Voldemort really?

Question

I was never clear on whether Voldemort's reputation for being the Greatest Dark Wizard of his time was a national title or just within the U.K?

What exactly did he do to earn that title?
Was it because he was able to do things with magic that were previously thought impossible? I don't remember any such thing. 
Was it just because he had an encyclopedic knowledge of forbidden and forgotten dark magics? I could see that though I'm not sure I'd buy him being the only one or event he most knowledgeable on these things given how little the readers know about the inner politics of dark witches and wizards.
Or was just because he killed SO. MANY. PEOPLE! This seem the most likely to me for how he got his title but it doesn't really sell me on him being the most powerful. The most evil maybe, but is that really the same thing? Maybe.

So what do you guys think. Did Voldemort live up to the name or was he perhaps a little over hyped?

Answer

Ambition. He was a leader, twice short of a coup d'etat. Had he achieved this, he would become a global threat as the one calling the shots on a national scale, a tyrant. As a rebel faction, his presence may be disconcerting to outsiders but SEP, basically.
When one has the combination of personal skill (not necessarily paragon), influence / charisma and ruthlessness, their achievements further amplify reverence. Motivating others to improvement, when possible, is usually more effective than going solo.

How powerful was Lord Voldemort really?

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