Not true.
1. Shadowclones cut the Chakra in half, per Clone.
2. The Clones dont share the same sight.
The Rinnegan is the most powerful of the eye techniques ("without question" was the words jiraya used). We dont know what it really does, we also dont know if Pain has mastered it or not. The only thing we know is that it somehow enables you to control more bodies (if its not just a big jutsu that could be learned from anyone) and that it is capable of INVENTING the ninjutsu, which is around 1/3rd of what all Ninjas in the whole Naruto world are using now.
So how comes we think Madara > Pain? I could also see how Pains plan as a God needs to have something like Akatsuki to locate and hunt down the Bijous that Pain need for his Jutsu.
I think there is much more behind what Madara is up to and what his Powers really are, it doesnt seem to me that the others are following him cuz of "fear".
Instead like with Kisame, that he has proven himself in some way as the "Masterplanner".
Another possibilty could be that Pain thinks of disposing anyone who could oppose him right after he finished his jutsu. Remember he thinks of himself as a god, why would he follow a mere humans orders and why should he bother with him when he has what he wanted?
Or Madara just kicks ass and that really is why Pain is listening to him
