They say you can't win the national championship with it, but how many schools can aspire to that level anyway? An option attack is ideal to elevate a program that's perenially in shambles. There have been many recent examples. Navy, New Mexico St, TCU and Rice improved tremendously when they made the option a base foundation. Vanderbilt was much more of a factor several years ago when they ran the option. But schools like that don't attract great talent to begin with, so there is a natural ceiling regardless of your style of play. Over the course of several years the alumni can get bored with option football and it's dumped, other than service academies who always thrive with the option. Army went from decent to winless after dumping the option.
Of course, I'm biased as a gambler. Wagering on option teams has always been a huge winning proposition so the more the merrier. You can get upset after upset when the opposing team has no clue. I remember when my alma mater USC was facing TCU in a minor bowl game a few years ago, shortly after TCU installed the option. Our coach was the genius Paul Hackett. I knew he wouldn't prepare at all for the option or have any clue how to stop it even if he did. When Hackett was coach at Pitt, they lost 45-10 to Oklahoma in a season opener. The game was pick-em. After the game, Oklahoma coaches said they couldn't evaluate their effort because they had never seen a team so poorly schemed to defense the option as Pitt.
Sure enough, more than a decade later nothing changed. TCU crushed USC as a double digit underdog.