Actually CSUs forecast is for 18/10/5, i.e., they expect 15 more named storms. Here is the link:
CSU August Forecast for 2010

NOAAs updated forecast was for 14-20/8-12/4-6 (which is quite a range - makes your forecast rather easy to hit I guess).

No, its not unreasonable. The standard argument has been 'look at 1969' - which was quite a different setup, i.e., 1969 was an El Nino year for the entire year. The real question may well be "At what point into the season does is become unlikely?" - and I don't have a good answer for that one - yet.

Perhaps I missed it, but I don't recall seeing anybody say that the season was going to be a bust. Note that we close out our annual seasonal forecast exercise around the first of June each year. Its posted in the Storm Forum.
ED