Yeah, Louisville, Utah and TCU have all been good to great since moving up (not every season of course). Cincy and SFU both spent some time in the top 10 during their brief stint in a BCS Conference. Schools like Boise and BYU could probably do the same if given a chance.
Hell, even UConn found their way into a BCS Bowl game, and they moved up (from 1AA, no less) not due to their FB prowess, but because their Basketball teams were in the Big East, who needed a replacement for Temple FB.