I used to think the PAC10 was a wuss conference (overall I thought they were over-rated), they have surprised me the last couple years producing some pretty good teams as a conference. (ASU, Cal, Oregon, USC)
The Big 10/11 has some traditional power house teams that have very much under performed the last few years... (Michigan, OSU, Penn St., Wisc, and usually a sprinkling of Ill)
The SEC seems to me to ALMOST ALWAYS be over-rated, but continually pump out amazing teams that win national championships.
The Big East seems to have 3-4 teams always circling the top 25 (Louisville, WV, Rutgers, S. Fla).
The ACC usually has a couple teams knocking on the Top 10 (BC, FSU, GT, VT)
The Big 12 (my conference) seems to be creeping back from obscurity with a few more teams than just the OU, NEB, and Texas of past.
Then there's the WAC, Conference USA , et. al. which seem to have 1 team which is the highlight of their conference.
My opinion is that the SEC is still the strongest conference there is, overall and in the individual high performing teams. Big 10 needs to find a way to be more competitive before they have a serious downturn (ie. see the Big XII in 2002-2007).