Well, I'll admit I've only started following City this season. I'm chilean and a big fan of Pellegrini so decided in August that I wanted to see as much as possible of his team. I think I've watched around 80% of the matches this season including all competitions. So far I haven't been dissapointed. I think the team is playing great, many players are at top form and because of having a decent squad some big injuries haven't been such a big deal (Kompany, Aguero, Silva, lets hope that without Nasri the next 8 weeks the team does OK).
Negredo, Fernandinho and Navas have been incredible so hats off to the spaniards and Pellegrini who chose to hire them. I don't know how City managed last year without them! Waiting for Jovetic still, but he's a good player, I think when he recovers he will be important for the team.
Today was pure quality. Even though Blackburn is in the championship, Pellegrini learnt his lesson from Real Madrid (he lost to Alcorcon in Copa del Rey, third division because he played too many subs at the away game and it was a big loss for media/fans) and I don't think he's going to make that mistake again.
Because the team is playing so well, winning so many matches, scoring this many goals, I understand there is alot of expectations. Ofcourse we all want the treble, but it's important to take things calmly and understand that being this Pellegrini's first season in England, in a team that doesn't have much history in UCL it's very unlikely for City to win it. I think City has to give Barcelona a run for their money and if City gets to QF it would be HUGE. The minimum asked was to get through the group stage and Pellegrini already covered that.
Locally, I think City will definitely win some silverware. Premierleague will depend on how the team responds in the tough away matches (Liverpool, Arsenal, ManU, Tottenham) and Chelsea at the Etihad. The stupid matches that were lost in the early part of the season were away (Aston Villa, Cardiff, Southampton) and at home I think they don't stand a chance.
Loved the team, the fans, the songs, the ambience at the Etihad as seen on the telly and the forum is fun too BTW :)
Sorry for the long post, just wanted to give my 2 cents worth.