If Yale's resume, schedule, and outlook was applied to a team from Hockey East or the WCHA, this probably isn't even a question. The only reason this is a discussion is because they're out of the ECAC, pure and simple.
Don't take my word for it, look at the computer models - they're designed to be objective, not subjective. RPI? Yale's number one. KRACH (maybe the most objective model of all)? Yale's number one. Want to adjust KRACH for home-ice advantage (KASA)? Yale's number one. The HEAL method, developed at Maine? Yale's number one. CCHP, developed by Eric Carlson at UAF? Yale's number one.
There are a few computer models that don't have them in the top spot. Eugene Potemkin's rankings and St. Lawrence University's CHODR have the Bulldogs second in the nation, behind UMD and BC respectively. Then there's the recursive version of HEAL, which pegs Yale 8th, but many teams generally have an anomalous position on one or more models: Denver is 16th in the nation according to CCHP, for instance, trailing Merrimack. These models are not perfect - but taken collectively, they do serve as an objective barometer, and outliers on either extreme can usually be disregarded. The numbers don't lie: Yale is one of the best right now, and perhaps the best.
They have the best offense in the country by more than a goal per game. Their much maligned defense is now up to a tie for 9th in the country. That gives them an average scoring margin of +2.82, again, better than second place by more than a goal per game. They have the longest active undefeated streak in the country right now with five in a row. They've lost one game out of 11, a game in which they held a 3-0 lead late before the only real letdown of the season. I would be suspicious of a team with an average schedule (Yale's SOS isn't low by any means, it's roughly the national median) who was leading in all of these categories, but about equivalent of other top teams. Instead, their offense has blown the doors off. They are at the very least on par with the UMDs and UNDs of the world. If the only thing you've got to hold over Yale's heads is their schedule, you haven't got much to work with. If it wasn't for a 15 minute let down in a single game, this conversation is even more silly.
Does Yale have some goofy bandwagon fans popping up and making outlandish statements about their newfound eternal love? Yes, they do appear to. Don't let that cloud your judgment of just how good the Bulldogs are right now. If anything, perhaps the fact that they have a bandwagon is even more proof positive that every other indicator is ringing true.