First of all I'm a huge Pitt fan and have watched everyone of their televised games and I live about 30 miles north of Pittsburgh, but they are not a powerhouse team and will not reach the final four this year.
Like most other Pitt teams in the past decade Pitt plays to their competition whether good or bad. Pitt is a good team and has definitly overrachieved this year, most in part of Dixon's off the court coaching to get these guys to play as a team.
If Pitt shoots the ball well (especially from behind the arc) they could beat any team on any given night. The problem with Pitt is that can't handle being the favorite. More often than not they struggle after coming off a big win except the 3OT win at home against WVU, but there next game was almost a week later so it gave them time to prepare.
I can't see Pitt really doing any damage in the Big East tourney, since they will probably be getting a bye and be favored to win there first game. As far as the ncaa tourney, I'd say the sweet sixteen is the max for the panthers. They seem to struggle in tourney(even last year, remember their first round game as a #1 seed) even though they were a layup away from going to the final four.
In all honest Jamie Dixon is a good players coach, but when it come to game time and on court decisions he can very easily be out coached.