O'Neill is pleased with Villa's overall start to the campaign after the shock of losing at home to Wigan on the opening day. But the former Celtic boss believes Villa are "not that good" to be able to win matches when not at their best.
This has been highlighted with Villa collecting seven points from the meetings with Chelsea, Liverpool and Manchester City but only one from games with Wigan, Blackburn and Wolves.
He said: "I don't think we should get too carried away by it all. We only have to look back to the opening day of the season against Wigan when disaster abounded.
"We fought back and overall we have continued reasonably well since that. It has been a fine start and the games versus Manchester City and Chelsea gave us confidence.
"After the defeat against Wigan, I had to deflect a lot of questions and there was a rush to judge. As a consequence, I don't think there is any point in us getting carried away with a reasonable start to the season."