I guess this is intended to be a knock on IU, but you do realize that by defining "real success" as winning the NCAA, you're basically highlighting the fact that Purdue hasn't had any real success (or hasn't since 1932 if you go back pre-tournament).
If March 1987 is so far back as to be irrelevant to you, I suppose you could compare the programs across schools from that point forward.
Head to head record - 29-25 in favor of IU
B1G 10 championships - IU: 6, PU: 5
NCAA appearances - IU: 23, PU: 20 (including the 1 vacated in 1996)
S16 - IU: 9, PU: 7
FF IU: 3, PU: 0
The above 28 years overlaps with Purdue's 2 best basketball coaches, whereas for IU, the last 16 years include 2 from that dirtball Sampson and 14 years of inferior coaching from 2 individuals this board has affectionately referred to as "Dumbles the Mumbling Clown" and "Clappy McTanerson".
You may very well be right that IU fans take too much pride in our sports programs, but if IU hasn't had any real success since March 1987 - looking at the above - I'm not sure what the heck you'd call the last 28 years for Purdue.