I'm sure O'Neill will manage to not have us finish lower than 7th. I'm just as sure he doesn't have what it takes to have us finish higher than 5th.
he has a proven track record of team consistency, his teams can punch above their wight, but more crucially, win the games vs weaker teams like they are supposed to.
his Villa team went on frequent unbeaten and winning runs. and even if his Scottish league record doesn't impress you, his Celtic team preformed great vs big European clubs, he even almost won the Europa cup only narrowly losing to Murinho's Porto who won the CL the year after.
"consistency" is the most important thing for Liverpool now more than ever, we don't need local or European cup runs, we want the league.
and even if you don't like him, their is Capello, who has a bigger record. winning league titles with 4 different teams: RM(2 periods), Juventus, Milan, Roma.
for me Capello is the #1 choice