Ulis and Murray were a legendary backcourt to be sure, but Fox and Monk don't have to beat them at their own games to equal or exceed them. Fox is seven inches taller than Ulis (at least) and has an athletic ceiling much higher than Ulis for speed, reach, vertical, and strength. That's going to open up rebounding and offensive rim-attacking potential that Ulis did not have. It will also allow him to play from the sides of the arc, where Ulis struggled and often ended up camping out because of fatigue.
Monk also appears to be faster and more athletic than Murray. Which will give him some of the same advantages Fox has over Ulis. Additionally, Murray was a turnover factory when driving the lane and made a lot of poor tactical decisions with the ball in his hands. Monk's ball-handling and decision-making are untested in collegiate play, but there's plenty of room for him to be superior to Murray on that account. If Monk can manage 35% 3-PT shooting, we may remember him as the better guard overall.
And let's not understate the improvement we're likely to see out of Humphries, Willis, and Briscoe, who were already major contributors last season and some of our best rebounders and post players. Throw in Bam, SKJ, and Gabriel, and it seems likely the critical eye will fall on our backcourt, which for the reasons previously stated, has the potential to be stellar in its own right, held even against the standard of Ulis and Murray.
Taken together, I think it's safe to say we'll be better this year than we were last year. Most importantly, our strengths on the court will be diverse, and not isolated entirely in our shortest players, which will lead to greater flexibility against opponents and our own shooting droughts and slumps.
This team is Elite 8 quality minimum.