I'm a long time fan of the Big East (and Syracuse), and this Pitt team strikes me as a typical model team for this league. Brilliant some nights, just down right bad on others.
Personally, I like them, and I can see them making a run. In fact, I can see any of the Big East teams making a run (BC, Cuse, UConn, Nova, Pitt). All of these teams are legitimate contenders to make it to the Sweet 16. Or, they could all tank in the first and second rounds.
Overall, though, I think Pitt has got the pieces.