Not for a side aiming for top 4 and titles. It's why I think he should move on. Playing with confidence and to his strengths could really bring the best out of him, much like Daniel Sturridge has done at Bolton. Playing off a big guy in a 442 would really suit him. The sort of style that Wenger would consider to be 'old hat' but works pretty well for some of the mid-table teams with less gifted players. A stiker in a 451/433 need to be more of an all-rounder.
the guy banged in 15 goals last season. he scares defenses, occupies the left back all game and creates space. what he needs to do, is watch a shed load of ljungberg videos and learn to time his runs properly. he should NOT be sold at all!! he's 22, just had his best season ever, and will improve further next season too. he doesn't play as a winger, nor does he play as a striker. he could play striker in a 4-4-2 most likely, but he's effective on the right as a wing forward. keep him, he's good, he's improving, he seems like a veteran because he was hyped from being 16 but at only 22, he's still learning. he could do with practising a couple of tricks to take on players, but to say sell him is madness.
Walcott is under-rated. He scored 13 goals and got 8 assists last Season despite missing THREE MONTHS. I still think he'll be a world class player despite the ridiculous 'no footballing brain' unfair critiscsm he receives.