There is no shame in being the second best tennis player in the world.

This is what 27-year-old Croatian Ivan Ljubicic should be saying to himself after losing this weekend’s final at the Nasdaq-100 in Key Biscayne, Fla., to Roger Federer. Ljubicic gave the world no. 1 a game challenge, dropping three tiebreakers, 7-6(5), 7-6(4), 7-6(6). It was Federer’s fourth title of the year and his second consecutive at the Nasdaq-100, which wraps up the first quarter of the season.

The match was as close as the score suggests, though not particularly pretty or exciting. Federer won 124 points, Ljubicic 121. Federer hit 36 winners and committed 51 errors; Ljubicic finished with 44 and 53. Each man broke the other’s serve twice in seven chances. The match ended on a softly struck backhand return from Federer that clipped the net, dropped in, and rolled off the court. The champion smiled and shrugged, thankful and apologetic for his luck.

For Ljubicic, the defeat was just his fourth of 2006 against 25 victories, a record that is second only to Federer’s 28-1. He has already won two titles and in Australia reached the quarterfinals of a Grand Slam for the first time in his career. Currently ranked no. 6, Ljubicic is within striking distance of the no.3 spot. Of all the men on tour, only James Blake and Federer can say they are having a season as good or better. Considering his 2005 season – two titles in eight finals, his first finish inside the top 10, an 11-1 record in Davis Cup, and the first-ever Davis Cup title for his country – Ljubicic can rightfully call himself the second best player in the world.

Of course, the problem with second place in men’s tennis these days is that first place is so very far away. Ljubicic played pretty well on Sunday, while Federer was, by his standards, rather ordinary. He did just about as much as he needed to do to win.

After struggling with his formidable serve in the first set, Ljubicic settled into a nice rhythm, making 58% of first serves the rest of the way and winning 87% of those points. Ljubicic owns a steady and powerful one-handed backhand, his forehand is much improved from several years ago, his volleys are solid, and he approaches the net judiciously. His two biggest weaknesses, quickness and return of serve, have become a little stronger in the last year.

Ljubicic could well have taken all three sets from Federer. He did not face a break point in the first set and forced Federer to play from behind in several games, but he could not break him. In the second set tiebreaker, he led 4-1. He broke Federer to open the third set, and later held a set point in the tiebreaker before Federer closed out the afternoon with three straight points.

Considering the stats, it would be reasonable for Ljubicic to attribute this loss to bad luck. But luck had nothing to do with it. Federer, as he has done so often these last three years, played well on crucial points. When he needed a forehand passing shot or a crisp volley or a well placed lob, one was readily available. At 5-6 in the third set tiebreaker, as the momentum seemed about to turn Ljubicic’s way, Federer fired a serve into the backhand corner for a winner. He plays with unshakeable confidence, whereas those who chase him (save perhaps Rafael Nadal) exist in a state of constant agitation, ever worrying that this or that strategy is not working well enough and ought to be abandoned. Against an opponent so consistently superb, it is difficult not to press.

Federer’s consistency has become almost comical. His 28-1 record this year has produced four titles, including the Australian Open, his seventh major championship. At this time last year he was 32-1, good for five titles, though none was a major. He has reached the final in his last 11 tournaments, dating back to last year’s French Open, where Nadal defeated him in the semifinals. In his last 48 matches in the United States, he has walked off the winner. Not too shabby for someone who is all of 24, and it’s hard to imagine he will veer too far from his present course, barring injury, in the next three or four years.

In truth, there are just two things Federer can do at this point to impress us: win the French Open and the calendar-year Grand Slam, unaccomplished since Rod Laver in 1969.The clay court season begins next week, though Federer plans to rest and practice until Monte Carlo, which begins April 17. From there it is on to Rome and Hamburg, Germany, and then Paris.

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Despite walking away victorious once again, Federer may have revealed a weakness at the Nasdaq-100: He does not have a talent for calling balls in or out. For the tournament, Federer made good on just one of his six challenges to line calls. The rest of the field fared far better. For the week, players were correct on 53 out of 161 challenges, a success rate of 33%.

In all, not a single unkind word could be spoken about the first week of instant replay. The umpires and linesmen proved to be quite good at their jobs, though undoubtedly in need of help from available technology. Challenges did not disrupt play; if anything, the swift finality of the replays – most of them decided in five seconds or less – hurried matches along. And fans seemed to love it. All the components of the U.S. Open Series, a string of hard-court tournaments following Wimbledon, plan to use replays, as does the U.S. Open. With any luck, the rest of the tour will soon follow suit.

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Rather watch Pete Sampras than Federer? On Thursday, you can. Sampras, who will play World Team Tennis this year, will play an exhibition in Houston against Robby Ginepri. The match will be broadcast on the USTA’s Web site, www.usta.com. Check there for details.

tperrotta@nysun.com