Data and Charts with MS Paint drawn trendlines. Let's do this.
The following are the KenPom ratings for each PSU basketball team in the ED Era (2004-2010), with a 2 year running average inserted:
And a chart of the 2 year running average KenPom:
It's worth noting that the 2004 rating is not a 2 year running average; it's just the rating for 2004, as that was ED's first year. All of the data is taken from the end of the season, including postseason tournaments, and 2010 is not over. Also, the trendline was drawn in MS Paint and is therefore nothing more than a rough approximation. What it does show is that PSU has gotten consistently better over the ED Era, even if the wins aren't necessarily rolling in just yet.
As for 2011, the trend predicts that PSU's running average after next season will be #35, meaning next year's KenPom will have to be #-12. Last I checked, you couldn't do any better than #1, so the trend won't continue next year, but it does say that very big things are on the horizon.