I think you can divide Joe's reign into pre-Big Suck and post-Big Suck. Pre-Big Suck, Penn State had some down seasons but was one of the elite programs in the college game. Post-Big Suck, the dynamic changed...and after awhile, so did Joe. There was the one dominant team in 1994 and then Michael Robinson's big year in 2005, which was reminiscent of the Old Days. But let's face it, Penn State hasn't been "elite" since the mid-90's.
Getting back to Franklin, I've been following the debate here in this thread and others with great interest, and I guess I come down in the wimpy middle. I've always been a big fan of his, think he's done some very good things at Penn State -- look at the record -- and believe he remains, even after yesterday, one of the hottest coaching commodities in the game. Also, no way in hell he's on the "hot seat" now. In fact, it's not even warm.
That said, honestly, I think he's a bit burned out. We saw indications of that last year. The intensity and pressure of the position at places like Penn State add up. Not to mention the sheer frustration of being league Red-Headed Stepchild, with the regular hose-jobs by the refs...plus the two backbreakers to Ohio State, which haunt the program to this day...it all takes a toll. Even with the great recruiting, never better than next year's class (for the moment), I think there's a very good chance that he'll be offered...and take...the USC job.