Ranieri won the Copa Italia with Fiorentina.
He's a very good manager alright. Just didn't have bucket loads of money to spend (except for when Abramovich just arrived). Still embarassed us in the CL in 2004, whilst the team HE built won the League a year later.
Also, he's forever etched in PL history as the miracle worker. If you think of title wins, you'd either think of the Invincibles or Ranieri's Dream.