Villa are most definitely "a proper club". O'Neill showed that with the right manager they're top 6/7 material.
Randy Lerner has apparently fallen out of love with Aston Villa and football generally. There's unlikely to be much money for McLeish's successor. Ofcourse they are a big, proper club, but they're hardly a very attractive one right now.
Following Hodgson at WBA doesn't seem an appealing option either. It would be hard to improve or match Hodgson's achievements. I'd rather take over at Wolves than WBA, there's an opportunity to rebuild there.
However, I think Poyet is in an enviable position at B&HA. He has a real opportunity to take you into The Premier League at the end of next season, and a double promotion on his record would make him a prime candidate for a really big job, bigger than any currently in the midlands, a couple of years from now.