Nope. In the first season Louisville was in the AAC and got to the fourth round of the NCAA tournament. That year USF went to the NIT but the next two years they went to the NCAA tournaments and won their first round games, so there have always been two AAC teams up to this point (and hopefully three this year), and every year someone other than Connecticut has had a tourney win. They're small steps, but steps in the right direction.
In a more general sense, I don't know that the AAC will ever rise to the Big East, but in fairness that was by far the best basketball conference ever. Remember that in its final season, the Big East won the men's and women's tournaments, (Louisville and Connecticut) and the next year Old Big East teams won again (Connecticut x 2). And that in the final season of the OBE three of the final four teams were Big East, and that the last four National Championships were played exclusively between OBE teams (Connecticut, Notre Dame, Louisville, and Syracuse).
In a purely subjective sense it seems that the AAC is improving. Certainly this season is a little down for USF, and two of the three games this year were big blowouts; but remember that they had been narrowing the gap, and against last year's more talented Connecticut team that had caused basketball sage Debbie Anronelli to proclaim that USF was going to catch UConn. Maybe not - certainly not this year - but they've been consistent in making this league something other than Connecticut and a bunch of patsies. Meanwhile Temple has been on an upward trajectory that is much more visible this year, UCF is growing (time will tell if this is a one-off or sustained), and Tulane gave Connecticut perhaps its biggest scare.
Most importantly, and again purely subjectively, it seems that the AAC teams do not quit on Connecticut. In the past we've all seen teams that just gave up when they were getting blown out (or sometimes at the tip off...sometimes when the schedule was announced....) but it seems that this year and last, even when they were getting hammered the AAC teams continued to play each possession - perhaps not as intensely as possible, but they didn't just roll over and die. Little things like winning a quarter or giving Connecticut its second closest game in the last three years are the small victories that lead eventually to big victories.
So I'm hopeful, perhaps optimistic that the AAC can grow in the same way, if not to the same heights, that the Old Big East did, and I am already looking forward to next season.