Our success in the 2006-2011 time period is definitely overstated by some --- we had 3 wins over teams that finished the season in the Top 22 (Oregon State 2008, Ohio State 2008, LSU 2009).
We almost always beat bad and average teams (which is not a bad thing, of course!) but similarly almost always lost to good teams.
PSU football took a clear step downward in the 2000-2004 time period (vs. where we were in the 70s, 80s, and 90s), had a great season in 2005, then was good but nothing really elite in the 2006-2011 time period. 2006-2011 was clearly worse than the 70s, 80s, and 90s.
O'Brien, for all the disadvantages he faced in his time as PSU coach, had one victory over a team that finished in the Top 22 (Wisconsin 2013). E.g., the same rate per season than we had in 2006-2011.
Franklin, of course, had 2 last season.