I think he will prove to be an excellent appointment. Loyal, successful, local and - despite his and his dad's connections with the other lot - a born-and-raised Derby fan. If the club show him the commitment that he will undoubtedly show them, he will get them moving in the right direction.
And Bedford, I'm afraid you're talking bollocks. I'm not saying they can win the Premier League, but Derby County are as big a club as (or bigger than): Blackburn, Fulham, Middlesbrough, Portsmouth, Wigan, Bolton, West Ham...
Derby "were" a bigger club, not any more. If they get the right investment (which is hardly likely at the moment) then it could happen, they could maybe finish 11th/12th for a few years then come back down, i can't see it happening though.
Saying that, i'd love to be proved wrong.