I don't see why it shouldn't be given similar credit as say, Bobby Hull's time in the WHL, or Jagr's years in the KHL, but like them, I think most people will use what they did to project what they would do in the NHL. With Malkin, it's clear he's one of if not the best player in the world, and has been healthy and productive in a very good league during the lockout. In the grand scheme of things, he should probably be given credit to his career resume as if he were to have another great season in the NHL. That said, it's looking likely there will be a shortened season now, so in the end, people will most likely just remember what he does in the NHL over the 48 or 50 games and give credit accordingly.
Actually Jagr doesn't get much credit for his time in the KHL, especially the second time around. He didn't particularly dominate that league and because of that league, when he returned to the NHL, most fans thought he was washed up. Since the KHL is different from the NHL game, it took Jagr a while to re-accustom himself with the faster, more aggressive game in North America. He also struggled the second half of the season in his NHL return. Some see his time away from the NHL as time wasted, just imagine how many points he could have registered had he stayed in the NHL, another 200 to 300 Pts lost?
The WHL was a direct competitor to the NHL back in the 70's and the game itself was quite similar. The KHL and NHL are vastly different though.
Fair or not, what Malkin did in the KHL this year will be overlooked when it comes to HHOF voting unfortunately. I don't want to jinx it but if Malkin were to get injured now and not challenge for the Art Ross, a lot of North American and NHL hockey fans will point fingers at his playing time in Russia during the lockout instead of resting and blame his time there for wearing him down.
Of course they are going to look at what he does in the NHL in 48-50 games for this season to give him credit. Many fans in North America view the KHL and for that matter any other European league as lower tier leagues and they put them more on par with the AHL, in fact because of some of the good young talent that played in the AHL this year, some would have argued that the AHL is a better league than the European Elite leagues. They point to things like "Radulov can dominate the KHL but can't even keep his spot on an NHL team" and things like that to discredit the KHL.
Similarly what Jagr has done in the Czech Extraliga is every bit as impressive as what Malkin has done in the KHL. Malkin is neck and neck with his linemate Mozyakin in scoring, while Jagr has a 10 Pts lead over Plekanec his linemate. Jagr leads his team in goals, assists, points, +/- and his 2nd overall in league scoring. Do you think Jagr will get credit for what he's done in the Czech Republic this year? I doubt it and especially if he isn't successful in the NHL when it resumes in a few weeks.
It's a double standard unfortunately.