I think certain aspects of the game have passed him, and that's not at any fault of Arsene's either. The days of a traditional football club are over. No longer can a club be consistently successful by signing a one quality player every season, and relying on the nurturing their youth prospects. The moment oil money became involved with firstly Chelsea, then City, 'traditional' clubs like Arsenal were forced either rapidly adapt, or fade. Arsene's 'philosophy' or whatever it gets titled as is unfortunately no longer the prime model for success.
At the moment I think we're somewhere in-between. We have the most modern and high-tech stadium in the UK, and one of the best in the world. Such a development like this (close to 400m pounds) isn't something which is paid off in 12-18 months. Granted, several years have passed, and the club has sold players, but I anticipate it taking at least ten years to properly break-even post-Highbury. This combined with the proposed injection of capital from Kroenke should see Arsenal become more 'competitive' in the transfer market. But once again, it wont happen overnight.
Unfortunately we also don't know what occurs behind closed doors. Who's speaking to whom, what players are being talked to and how close we've come, or coming to signing players.
I'm confident of at least one more signing before the end of the month.