I definitely do not think that the replacements we have right now are the end all and I would highly doubt Wenger does either. Arteta and Benayoun will give the same contribution as someone like Rosicky. We just needed a little more experience infused with the youth and I hope it turns out well. I would say Eden and Yann are both likely targets to come to the Emirates as long term fixes, but have also heard Marvin Martin a lot. I think they believe he will solve our central problems long term. Who knows though.
I agree with you on Chelsea as well.. They can either be great or completely flop. Drogba is aging and Torres is Torres. They don't have extremely reliable players that will hold them above the rest and I doubt they really make a race out of it. Mata will prove to be their savior this season, IMO.
To Banman,
Look at the money shelled out by Liverpool in comparison to Arsenal in the last year. Take that and add what we have also lost in the last year as far as players are concerned. There is no way on this earth that anyone should spend that kind of money and still not best our squad by a mile. The problem is they don't know what to do with it. Similar to Man City, until they finally got it right, they were just buying who they wanted regardless of how they plug in.
Andy Carroll was the worst bit of spending I have seen in a long time, minus Torres. Add to that, they went and bought Suarez at the same time. Now, knowing that you have glaring holes why would you buy 2 20+ million strikers. It just isn't smart...
Stewart Downing 20m
Jordan Henderson 20m
Andy Carroll 35m
Luis Suarez 26m
Jose Enrique 5m
Minus Jose Enrique and Suarez that is just not good business. None of these players are sure to make that big of a contribution...
In all of this my point is.. They have spent enough money to afford missing 2 key players. Arsenal have been paid more than they have spent and definitely can't afford to miss 9 players.