I don't have too much sympathy for him where transfers are concerned - the club talked about having 2 budgets and 2 sets of targets in place (depending on whether we made the CL or not) way before the season ended, and Emery was complicit in our failure to make it into the top 4.
In terms of expectations of him, they're probably more modest and reasonable now than they would have been if we'd made the CL? I have no set targets in mind in terms of finishing positions, etc right now - I'll probably be judging him more on ideas and innovation at this point, rather than results (which could take a couple of years)...
I'd like to see him settle on a shape and system that he wants to play and put together a squad of players who fit the roles, and are willing to embrace his methods. If that means relying on kids here and there then so be it, but I think there's a lot of gains to be made by simply by getting those 2 things right, even with modest recruitment.
And just as important as who he selects is who he leaves out. He's had a year with this squad now, and should know who all the trouble-makers and walking calamities are: if someone is refusing to play where he's asked, or is simply a bad fit for the role then don't play them in that role; if someone regularly makes costly mistakes and showing no signs of improvement then stop selecting them; if someone is becoming a disruptive influence and flat-out refusing to even give your methods a try then freeze them out and make them train on their own. I know the club have made some sizeable investments with certain players, and he's probably under pressure to at least try to get what he can out of them, but he's already done that in year 1 - year 2 is where the free passes stop.
Most of all though, I just want him to help re-establish some kind of footballing identity at this club again - develop a brand of football that is uniquely ours, start giving the kids a proper chance, get back to doing smart business again. At the moment I have no idea what I'm actually following or why I'm following it? What I Arsenal right now? What do we stand for and represent as a club? What do you immediately think of when you think of us? Damned if I know anymore...