I think 2010 will be a repeat of 2009: A ton of close, exciting games.
Almost every game Iowa played in 2009 was a close contest. A recap:
1. Northern Iowa: Trailed 13-3 at halftime; won 17-16.
2. Arizona: Trailed 10-7 but came back to win in the second half.
3. Penn St: Trailed in 4th quarter 10-5 but came back for a win.
4. Ark St: Close 24-21 win
5. Michigan: Won by 2 points (Michigan had the ball late with chance to kick a game-winning FG but threw an INT)
6. Wisc: Trailed 10-0 but came back for a win
7. MSU: Won on the last play!
8. Indiana: Down 10 points in the 4th qtr; rallied for a win.
9. NU: Lost by a touchdown.
10. Ohio St: Lost in OT
11. Minnesota: Held off MN for a 12 point win (close game throughout)
12. GT: Led 17-14 in 4th qtr but held on for the win with late TD
Iowa won 10 of the 12 close games described above (a remarkable achievement). Many, if not most, of those wins could have gone the other way. The difference between 7-6 and 11-2 for Iowa really isn't that much.
Iowa could be a better team in 2010 and finish with a worse record - it just depends on how they do in the close games (there will be a bunch of them!)
My conclusion is that if Iowa earns a New Year's Day bowl game next fall, Iowa fans should be very happy. BCS game? Ecstatic
Any bowl game? Satisfied, but a tinge of disappointment