That's fair to say for sure. I'm not saying its an incredibly advanced mountain, but compared to anything else near in NH except for South Peak Loon and Wildcat, it's the best out there. VT and Maine obviously have it crushed though. There's a reason BBTS is such a good race program. A Tecumsah expansion would certainly change everything including more expert offerings which I'm always game for, but the land is forest service land isn't it? I was always under the impression Waterville couldn't expand because of both a lack of ownership desire/ability and a lack of available land.
http://www.newenglandskihistory.com/skiareaexpansions/NewHampshire/watervillevalley/mttecumseh.php
It sounds like its been discussed. Who knows if they had permits at one point. Lots of ski areas operate on US Forrest service land. It does make expansion difficult, but not impossible.