I do think quite a few have greatly underestimated the strength of this league (some going so far as to put money on us going undefeated, which is totally asinine), based largely on our experience from 2009/10. It's not remotely the same league it was even six years ago: the PL doesn't exist in a vacuum, its good fortunes do somewhat trickle down. These are teams that are gonna play us tough and push us around.
We may yet go on a roll and I think we've got both the quality in the squad and the right man to lead it. But these early results don't really surprise me all that much.