I don't know why people say they were a national program. They made two championship games and lost. Butler did that too, are they a national program? Half of their elite 8 appearances (6 total) were with Cal, they happened consecutively, and one was ultimately vacated.
The comparisons to Louisville are way premature. Louisville was a very succesful program long before they joined the Big East. They have two national championships (none as member of big east) and 9 final fours. Memphis has been to 3 final fours, had one vacated, had a total of 6 NCAA appearances vacated, and has no national championships. They are a good program in a crappy conference. I expect they'll be better than DePaul, but don't see why they would be any better than Cincinatti. Louisville? No way.
I want them to be relatively succesful as well. But I think the comparisons to Ville and the belief that simply upgrading to the Big East will mean they will get enough talent to make it back to a final four are unfounded.
Als0, there's this...
http://bottomline.msnbc.msn.com/_news/2012/06/17/12172808-the-most-dangerous-cities-in-america?lite1
Memphis ranked 5th on the most dangerous cities in the country according to the FBI. Maybe the violence is concentrated and away from campus?