Defeat last time out for Munster in the RaboDirect PRO12 was tough to stomach, coming as it did against arch rivals and defending champions Leinster.
But with attention now switched, O'Connell and his Munster teammates are anticipating a brutal encounter.
"To have Munster and Toulouse playing a game in Thomond Park is a massive occasion," he said.
"We're so used to watching Toulouse and their incredible style of rugby. It's great to be at home but they are an incredible team with incredible players and incredible talent, it's a massive uphill task for us.
"They struggle at times, but I think they're in some ways a little bit like the French team, they have class across the park. And on the really big days, I think they're probably one of the best, if not the best, teams in the competition.
"There are certain teams you can analyse and you can plan to try and stop what they're going to do. But with Toulouse, the way they play and the style of rugby they have makes it very hard to predict what they're going to do and plan for that and that makes it very difficult.
"They've got big men and incredibly skilful men, there's talent all over the pitch. They've got so many flair players who can play off the cuff. They play an incredible off-loading game and, as the weather gets drier and pitches get harder, that will suit them."
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Guinness PRO12 Munster News
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