They were the favorites to win a title in 2000, and then Kenyon Martin got hurt. They were also the only other team in 1999 to defeat the invincible Duke Blue Devils.
They hit some lows in the 2000s, but I think Cincy has the potential to be in that second tier of schools, potentially where Pitt was under Howland/Dixon (with, hopefully, some more postseason success) or what Gonzaga has been for the last 15 years or so.
Again, they're not going to be Kansas/Kentucky/Duke/UNC, but they don't have to be a team that scrounges for S16s either.