It's a bit of both tbf. Arsenal87 is right in the sense that the team isn't moving forward enough to look like serious title contenders. Big money has been spent on real quality like Ozil and Sanchez so the money is there to make Arsenal as formidable looking as Chelsea do right now. The difference is that when someone like Jose realises where his team's deficiency is, he just goes out and buys them. He needed a striker and got a real worldie for £40m ish. Arsenal needed a striker, Wenger could (and should) have done the same.
On the flip side, look at your squad, it is one world-class striker away from being title contenders imo. Imagine you had an RVP, an Aguero, a Diego Costa in front of the likes of Wilshere, Ozil, Ramsey, Oxelade, Cazorla. Dare I say, Arsenal87 would be waxing lyrical about how EACH of those very players are the best in the world. It would all be because their contribution would matter with a 30/35 goal a season striker. There's a question mark over the defence a little, but you wouldn't be far off the side around 2002. By the way, I would add that Benzema is NOT that striker. I think you'll stumble along if you buy him as he just doesn't have enough goals in him as the target man.
In short, right now competitively, you're no better than what you were a year ago. BUT having said that, you're one world-class forward away from being in the mix for title contenders imo.