The way I see it is that we deserve to be where we are. This is primarily a results game and for the most of this season, we've been getting the right results, so our position is somewhat justified. The teams around us, at times, have simply not been getting the results that they should be getting (the likes of Chelsea, Liverpool, Arsenal not being able to beat some of the more lesser teams for example).
Having said that, some of our performances have been really crap so there is that hint that we are overachieving (eg. the Blackburn game at Ewood which we really did not deserve to win). Atm though, I think we are certainly the "best of the rest" (outside the top 6). But the fact of the matter is that, we are 5th - we are where we are, the table doesn't lie.
With a few additions in the summer (and hopefully no outgoings), we can really push on and prove, in seasons to come, that we can be a formidable force and sustain challenges for the top 7.