The T-54 entered production in late 40s and it shows what you get when you go cheap. A great tank for keeping the local civilians from getting uppity. A poor return on investment if you actually have to fight better tanks as, like the Sherman, you often need 2-4 T-54/55s to equal a Centurion or M-48/60, except it didn't have the mechanical reliability of the Sherman.
The comparison is quite ridiculous sorry to say - first the T-54/55 was a better tank than the Centurion or the M-48. It had a better gun, better mobility and better armor. Quite simply it was a much better tank blanket statements about reliability non withstanding. Quite simply the Soviets, after 4 bloody years of the GPW and the most experienced in the world in how to conduct tank battles, exploit breakthroughs and bz that time they had a very good idea of how to design a good tank.
Secondly, there was not 2-4 T-54s but more like 20 produced to every NATO counterpart...
IMHO Soviet tank designs could be considered superior to Western designs well until the advant of the M1/Leo2/Chally and composite armor - but even today Soviet reactive armor developments are quite potent and on par. Its only their engine technology that lags hopelessly behind.