It has been a remarkable rise, considering their budgetary restrictions, and it has also highlighted that Forest may have acted too soon in getting rid of a trio of their former stars.
David McGoldrick, Paul Anderson and Luke Chambers have been key performers for Mick McCarthy's team and they are proving their former club's decision to allow them to leave very wrong.
McGoldrick was unremarkable for Forest during his four-year stint at the club, but since his sale he has been nothing short of a revelation.
The 27-year-old has earned international recognition for his form and spearheaded Ipswich's attack, as the gun for promotion.
Chambers, meanwhile, has proved a rock at the heart of their defence. Many were surprised when the centre-back departed the City Ground back in 2012 and the Reds have certainly missed him since he left.
The 29-year-old has been a mainstay in the Ipswich side ever since and his performances this season have been a major reason behind their success.
Anderson, too, has impressed with his pace down the wing stretching defences in the second tier regularly.
It highlights the quality that Forest have had in their ranks in recent times and their failure to utilise it to maximum impact.
At the moment, Stuart Pearce's men are in 13th place and it seems that this season will be another underwhelming one, after it promised so much.