I think it's a combination of all the above. He's definitely down on confidence, but at the same time his general play is very good and enthusiasm still high. He also seems to still be pretty quick, so don't see pace as a problem.
With all the new players, there was an expectation that he would now bang them in for fun. However, new players, same old problems for our team. Absolutely appalling midfield play means Torres rarely gets good ball, and our "new" stars run around looking more like Arsenal players with about the same success.
This is still a misfiring, directionless team ,which is extremely frustrating to watch. You want to think it will soon click, but against teams that are well disciplined , the only change I can see is we still struggle to score, but now do it more stylishly.
One final point, which may seem trivial, but I think is important. No JT or Lamps, so Cech gets the armband. For Christs sake, we need a captain in the JT mould every game, driving people on. That's not Cech. For mine, it's Cahill, every time he plays and JT doesn't.