True to a certain extent...
As Reyes, Van Pirsie and Hleb have been introduced the style has changed somewhat. And this has coincided with less goals coming from Ljungberg and Pires. If you look back over the past 5 seasons, these 2 guys have been in double figures goals wise.
Hleb is too similar to Ljungberg. And with Van Pirsie up front with Henry all of a sudden they are looking for both of them instead of Henry when getting forward. It 'deadens' the effect of the players like Pires and Ljungberg coming through the middle. Coupled with the fact that Freddy and Pires are out of form and this is a major reason for the poor form.
Another reason is the loss of Cole. He adds so much in an attacking sense aswell as stability at the back. His runs down the flank provide so much and it's only till he's not there do you realise how important he is to this team.
The central midfield is too lightweight. Gilberto has been out of form and his passing is crap. Fabregas as good as he will be is still learning and is smalled framed. They can't dominate in the middle of the park and that hurts against physical sides like Newcaslte and Bolton (2 recent losses).
Look at Chelsea, Liverpool and Man U. Lampard, Gerrard and Scholes. They all have that driving force in the middle. When Wenger sold Vieira and failed to replace him, Arsenal lost that. However when you look at thise 3 guys they were always going to be stars coming through when they were younger. Fabregas is the next. A few seasons and you can put him in that category above.
The defence has also been suffering from lack of confidence. A few clean sheets are needed to restore it and maybe a purchase to keep them on their toes. Cole coming back will be a god send at the back.
It's easy to say with the players you have etc etc... But when you look at it some of these guys are still young or still adjusting to the league. Fabregas, Van Pirsie, Hleb, Senderos and Reyes fall into this category. They are getting a lot of game time and in 1 or 2 season they'll be star players.
Every team will go through a transition period. I believe Arsenal have hit that now. These young guys that are there are going to be great in a few seasons and they'll be a close knit unit once they mature. The future is safe.