If you're looking at raw stats then the worst ever points total will lead you to conclude it's the worst ever season.
However, considering there isn't much in the points tally then, as ED said, the derby games are deciding factors because the two seasons have been very similar.
We were humiliated under Taylor as well - Bolton (who were shit at the time), Sunderland (the worst ever Prem team up until this season), Blues x 2, Blackburn in the cup.....
However, IMO, this season has been better because:
We've seen flashes of decent football (Taylor never even tried to promote attacking football).
We've seen the emergance of Cahill, Moore, Davis and Co.
We've had the pleasure of seeing genuine quality in Milner and Baros.
And, I'm sorry if it offends, but we beat our nearest rivals twice and will finish above them (compared to being absolutely humiliated twice and finishing below). Not the be all and end all but a deciding factor.