I don't think he has. He's galvanized the team, and the players are trying again, but they finished 2nd on 80+ points last season. It's not like they were always crap.
If Ole stays, it will be like Dalglish round 2 for us was. He'll do ok, probably recruit poorly, and 4th will be the best they can hope for.
I hope so. Right now he is doing better than Mourinho last season who finished 19 pts less than City. I didn't expect him to do that well, as most people.