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He is considered 'great' in a paradoxical sense. Gatsby is considered 'great' by the measurement of dreams, his wealth, his larger-than-life personality, the festivities and joviality that, to others in the novel, mark him as a man of high stature and almost god-like in personal proportions.
is a good thing, it is not the case in The Great Gatsby. Gatsby didn't even know who she was anymore; I don't think Daisy was worth the pain and effort he went to, to acquire his status. The fact of the matter is that Gatsby had been lying to Daisy since they met.