IMO this is the order, first to last:
1) Fallen; they are a ruined species who are still making enemies out of everyone. It's like they [i]want[/i] to die.
2) Hive; without Oryx et al they are weak. However at least they know when to keep their collective head down unlike the Fallen...
3) Cabal; even if the system goes boom the majority of their empire is in other star systems. Time will get to them eventually though.
4) Vex...
Oh we're dying out? Hang on...
*Vex use time hax*
*It's super effective!*
There we go. Sorted.
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I mostly agree with you, but with the hive oryx has 2 sisters and then there's the worm gods they answer to. How ever i feel if we take out the hive gods, the worms will have nothing to feed off of and die out. Yet to me the hive are going to be an ever present threat to us and won't be going anywhere anytime soon