I think the reality is somewhere in between what most are saying. The past year has really been where he has played out of his skin and showed his full potential. And when on song, he can be one of the world's best players. In the CL final he outshone the likes of Ronaldo, Bale, etc....and in the WC, for my money he was just as important as Messi, perhaps more (Argentina didn't score any goals after he got injured against Belgium).
It's difficult to maintain that type of form. Going by his history, he's never been the main man for any of his sides, but he's been a stellar accomplice. He needs others around him to produce the goods as well, so if RvP, Falcao and Rooney can get firing then we'll get a lot of joy this season. However I think expectations became just a tad bit unrealistic given his stellar first few matches, which were probably the result of a combination of his own motivation of being at a new club plus the poor/average opponents we happened to face.