I honestly don't expect much more than what we have seen over the last few years. Because there is nothing to indicate this coach will be a significant step up from previous coaches or do anything significantly better.
Rip won 48% of his games at Brown. At PSU he won 67%
Joe won 75% of his games at PSU.
O'Brien won 63% of his games at PSU, and has won 36% at BC (not including his time as NFL coach, as it's apples to oranges comparison to college)
CJF won 65% of his games at Vandy before coming to PSU. At PSU, he won 70% of his games.
Campy won 68% of his games at Toledo, 57% of his games at ISU.
There are a number of external factors that Campy is facing, but there were external factors for the other coaches as well (O'Brien and early CJF with the most pressing).
Hope is different than expectation. We all hope PSU is undefeated and wins the National Championships, we all hope he makes good use of the time, we all hope he is able to get over the hump but the realistic expectation should be, over time, about 73-77% winning percentage and battling to be in the playoffs. Which, I believe, is feasible over time (not next year).
Campy is facing the same issues that Joe, O'Brien and CJF faced - one of them is that he has Ohio State in his backyard and that PSU is simply not on the same level as OSU, and truthfully never has been. You hope (not expect) he can beat OSU (and add to that Michigan, Oregon and USC) on a semi-regular basis, but nowhere in the past has a coach done that (although I think Rip has a winning record against OSU, but that was before Woody got there and changed things).
So, I hope Campy does better than the previous coaches, but my expectation is that he will do as well (and as bad) as they have over time.
edit - there has been chatter about Campy having more resources at PSU than ISU, which I agree with. However, he had more resources at ISU than Toledo, played a much tougher schedule and his winning percentage decreased. Moving from ISU to PSU mirrors the move from Toledo to ISU.