The short answer is, "yes".
I've been following the Oilers for 34 years. They look good right now.
Let's put it this way: In October 2017 (when expectations were high), it was very clear after five games that the Oilers had sagged badly and were probably in trouble. In October 2018, it wasn't clear after only five games, but it was clear after about 20 -- and probably sooner -- that the team was again in big trouble.
This season, it's like night and day so far compared to the past two seasons, and I don't mean only their won-lost record.
The whole matter of hiring Holland and thereby clearing out Lucic (and most of his contract) seemed like a refreshing blast of clean air, and I have a feeling the players felt relieved about that, too. I still think the Oilers' weakness is at wing, where they are still quite thin, but at least they're a heck of a lot better off than they were at the end of last season. (In case anyone forgot, James Neal now has 7 goals. With Chiasson's injury in the middle of last season, the Oilers at one point in January 2019 iced an NHL team where the top-scoring winger in the line-up had 4 goals on the season. After 40 games.)
Even more impressive is the defence core. With the promotion of Ethan Bear (finally!) to full-time duty, and his surprising chemistry with Nurse, the Oilers have magically invented a solid new D-pairing, and Bear can actually pass the puck (very well) and get shots on net. Meanwhile, new guy Joel Persson is looking very solid in a defensive role (I think he has some crazy-good Corsi evaluation so far).
As a consequence of the addition of Bear and Neal, the Oilers suddenly have a decent power-play.
Oilers fans have been crapping on goalie Mikko Koskinen since he lost a couple of games last season, but I can't figure out why. He's so far 27-21-6 as an Oiler, a pace that would have put the team in the playoffs (8th place) last season. And Mike Smith has been superb in two of three games, and will be fine as long as he doesn't wander from the net too much.
Most of all, of course, the Dynamic Duo have been lighting it up. Draisaitl is probably out-playing McDavid so far this year, which pretty much says it all... and McDavid leads the League in scoring. (Good to see Drai get the empty-netter today. Empty-netters are what allowed Ovechkin to beat him for the Richard trophy last season! Although I see Ovechkin also got an empty-netter.)
What's most remarkable, team-wise, is how the Oilers have trailed in all five games, but won all five. They've only trailed for 39 minutes (of 305) so far this season, and every single time they went down a goal they scored very soon after to tie it up.
There's definitely a sense of a corner having been turned with the Oilers. I have no particular impression of Dave Tippet yet, and I'm sure he'll have his difficult challenges to come, but whatever buttons he's been pushing it's certainly been working.
I predicted that the Oilers would make the playoffs -- barely -- prior to this season, and nothing about that expectation has changed. Consider this: the Avalanche made it in last season, finishing 8 games over Bettman .500. The Oilers, this season, can match that record by playing only three games over .500 the rest of the season.
I expect Edmonton to finished somewhere around the 6th, 7th, or 8th seed in the Western Conference. But whatever, as long as they're competitive and not dysfunctional at an organizational level anymore.