it has been shown that a susanoo, that itachi and sasuke uses, can be countered by danzo, gaara, and raikage. if madara had the same, it would not have been impossible to hashirama to fight madara evenly.
regarding madara's eye-jutsu's, and genjutsus, madara's not really shown as a genjutsu expert, atleast not in the same light as itachi and shisui, he may have a MS genjutsu similar to sasuke, but that can be overcome or doesn't really have the same effect.
what really puzzles me is how hashirama countered both madara, and kyuubi at the same time. there was a panel some time back showing a glimpse of their fight, madara (on kyuubi)and hashirama. but then again, it was told that madara tried to take over konoha during their fight, so it would not be a over-stretch to assume that other konoha shinobi's were involved as well. it was mentioned that the 1st wife, mito, became the kyuubi's jinchuriki, it would be logical to assume that happening during the course of this battle.
i would really like to see this fight. i really do think that the real madara will get his time, and his flashback, which should also include this fight