I don't think that this is realistic, not long term. We might be able to have a decade like this, but not decade after decade. With limited scholarships, the talent is being spread around. I think the days of any team being a dynasty are over. USC and Ohio St are about as close to a dynsasty as I think we will see. And it is yet to be proven if those coaches can maintain that status.
It is popular to talk about parity because of scholarship limitations, but I do not think it really exists. Despite scholarship limitations, it is clear that certain schools, such as Texas and USC, have a huge talent advantage over the rest of college football. It does not matter what the scholarship limit is. There will always be certain programs that draw more elite recruits than the others.
With that in mind, there is no reason why ND should not have elite talent every year as long as ND has elite coaching. ND has a national recruiting base that few other schools posess, and no one receives the quantity of publicity that ND does. Poor coaching is the only inhibitor to ND attracting top recruits, as Weis is proving.
As for my expectations, I would not exactly call them a dynasty per se. Finishing in the top 5 in 5 out of 10 years is not that difficult if you have top 5 talent and coaching, and it still leaves half a decade of non-top 5 finishes. Finishing in the top 12 in 8 years still leaves room for the occasional hiccup if your team does not live up to its talent level. The only thing holding ND back has been poor coaching and poor recruiting by ND's poor coaches. ND should always factor into the national title discussion because of its advantages, and the fact that we didn't under Davie and Willingham is not a reason to lower our expectations of the program.