There are some excellent points here. My personal view is that we CAN actually compete and win the league WITHOUT spending obscene amounts of cash. My reasoning isn't unfounded- we beat off stiff financial competition from Man Utd, Newcastle and Liverpool to win the league in '98. It is possible, and money isn't everything. Case in point, I didn't ever think Chelsea would finish as low as 6th in the league under Roman Abramovich's ownership.
Now, the problem we have is certainly the way we play. Tactically inept. Defenders who aren't taught to 'defend', the way we were so accustomed to. Midfielders who will HARDLY ever win an aerial challenge. Set-pieces that always come to NOTHING.
Mentality is also key. I don't think we're capable of doing anything "special" under Wenger to win a league title (yes, I say that very brazenly, given our success in 03/04) What I mean to say is, are we capable of scoring 2 goals in injury time to win the league? Is it in our reach to beat Barcelona, or to dwell on stupid refereeing mistakes? Can we go on a 10-game winning streak, like in the late 90s, and actually beat teams that we're meant to beat on paper? Can we bounce back after a demoralising defeat and batter the team we next play?
I don't know. These are 'Wenger traits' as I like to call them. There isn't much we can deduce until we under new managership. It's time to stick or twist, although 'twisting' may present one of our worst seasons in decades (I'm talking Alex McLeish proportions)