Iconic in the sense of the being the iconic incarnation of the DC universe.  Barry Allen may be a reinvention -- and not a particularly inventive reinvention at that -- but he was the first Flash to wear that recognizable red onepiece, he was the first Flash on the JLA, with his own TV show, he was the one of the most successful reinventions of all time and -- along with Hal Jordan -- jumpstarted the entire silver age of comics, the era from which almost all lasting comic books mythoses have come, DC or Marvel.  Jay and Alan may have been the first incarnations, period, but the DC universe was barely a universe back then, much less a DC universe.  Thus, the silver age of comic books is iconic in a way that others haven't been, or can't be.  Those stories meant something different; far more people flat-out read comics back then than they do now.
Better?  Subjective.  Iconic?  Less subjective.  You all know I love the modern age far more than whatever the hell came before, but I would never call it iconic.
And on that note, how many times has Wally been made "more important" than Barry over the past twenty years?  How many times has he been shown to run faster, to kick more ass, to be the Speed God that Barry wasn't, to be much funnier and wiser and cleverer, and in general a much better character?
And now Barry's back, has a story of his own, and receives...let me get this straight...he receives one special trait of his own so far, beyond being a *****e.  And this is a big deal why for ****'s sake?  This is the thing that's totally shafting Wally how in the world?  Christ, wake me up when everyone in Wally's life gets killed, leading him to becoming a fear demon's little moping b**** and then to star in the worst weekly series ever written for a whole year.