The only thing I think Peters can be knocked for to this point is his handling of the Smith/Rittich debacle... that said, things seem to have (for now, at least) sorted themselves out.
Peters has the team playing the best they have in years. The offense is running full throttle lately and the goals against have come way down. He's also not afraid to adapt and make changes on the fly. It's only a matter of time before someone like Neal breaks out of his slump and then I fully expect this team to take off.
There's a very small part of me that is kind of waiting for the other shoe to drop. Not sure if that's just due to years of expectations not being met or whatnot. In any case, this Flames team is really fun to watch and I hope the success continues. If they stay up near the top of the standings for the majority of this season, I don't see why they can't be considered Cup contenders.