The 43-year-old has kept both Bournemouth and Wolves in the top tier, but his 15-month reign at Molineux ended in turmoil after a 2-1 home defeat to Town in December 2024.
O'Neil aimed thinly-veiled criticism at the club's owners over transfer business, while there was ill discipline from his players on the pitch.
But the new Town chief, who's since guided Strasbourg to the last four of the Europa Conference League, says he's learned from it.
Gary O'Neil's tenure at Wolves came to a chaotic end (Image: PA)
“The Wolves job didn't bother me at all," he told Sky Sports. "I think I had two-and-a-half seasons in the Premier League, maybe just under.
“Two of them were an incredible success at both places. Then we had a few months of Wolves where we played well for a bit, lost against some big teams. Towards the end, it started to peter away.
“There were lots and lots of reasons for that. Of course, I accept my part in it, but a few months that didn't go well at Wolves are not going to define my managerial career. There's so much more to what we do.
“It was an awful long time ago. I think Ipswich now are definitely going to get an even better version of me. "
And O'Neil stressed that his experience - including that spell at Wolves - means he can help push the Blues forward.
Gary O'Neil says his experience can help Ipswich Town (Image: Matchday Images/ITFC)
"I don't think you'll find many 43-year-old managers that have already three Premier League jobs, been away, worked in Europe, got to the semi-final," he stressed.
“I bring a good experience for my age. I can help this group with an understanding of what's going to be required.
"The learning curve at Wolves was an interesting club to go into because there were people brought in from all over the place.
“Some of them not happy, some of them happy. You try and gel it all together. You can see that the club has struggled even since we've left.
“It's just the nature of the direction that it's gone in. I loved my time there. I still love the fact that I was given that opportunity.
“I still speak to loads of the players. I don't regret any of that.”