Going by ELO, the Hawks are still just 31st (ahead of San Jose) in terms of efficiency, which isn't great.
Going by SRS, which is more of an analysis of production, the Hawks are currently in the 3rd tier of NHL teams, above average compared to the league.
By that stat, there are effectively 6 tiers of teams at the moment:
Great teams: Carolina, Colorado, New Jersey
Good teams: Vegas, Pittsburgh, Washington, Utah
Pretty good teams: Winnipeg, Columbus, Chicago, Anaheim, NY Islanders, Montreal
Average teams: NY Rangers, Seattle, Philadelphia, Boston, Toronto
Bad teams: Los Angeles, Buffalo, Detroit, Edmonton, Vancouver, Florida, Dallas, Minnesota, Tampa Bay, Nashville
Terrible teams: San Jose, St. Louis, Ottawa, Calgary
Granted, we're only 10% of the way through the season, but they're clearly out of the bottom tier of the league right now, which is something fun after 3 years of awful.
EDIT: I think the difference between their ELO and their performance highlights how good Knight has been in goal, as he's helped the Hawks steal at least a few points thus far.