For me Nani is better then Malouda. Malouda had far more to work with and even if his crosses weren't the best, he still had Didier in the box who can finish as good as anyone. Plus, Malouda is left footed and playing on the left which makes him look better than Nani on the left. When Nani is on the right he is a totally different player but he is forced to the left to make way for Valencia because we have no other real cover.
Nani is far more versatile as well, being that he can play wings. Ive watched Malouda play on the right and he is terrible and more 1 footed than Valencia.