I think people are confused by the type of player we perhaps should be going for. We have significant financial backing, but not Man City money. We are in our 2nd season without Champions League football, yet still have a strong reputation. We had a terrible start to last season, then a great finish- just how good are we?
Pretty confusing, and i think it means we all hope for the big names, and although i think we could sign most players, the very top aren't going to come right now. Juan Mata is probably a unique situation because of Valencia's finances, our Spanish links, and his age, and that's why i think there is such fuss over him. Apart from him being a fantastic talent of course.
Players like Downing though are the kind of players who can bring out the best in our best players already at the club and give us that push back into the top 4. Whether we go for him or not, we'll see, and he's hardly my favourite player, but he's a huge step up from Jovanovic, Riera, Gonzalez and then players like Jonas Gutierez and Seb Larsson who play regularly in the Prem for other teams. We'd have a player who is stronger than most of his rivals in that position (stronger than 70% of left footed wingers in the league at least?), and that's a good way to build a team. Especially as it's not that other 30% we struggled to beat last season- as most agreed it was our ability to beat the lower teams that costs us. When City first set out to do build hteir team to crack the top 4 they did so by signing players of Downing's quality for the most part (although perhaps without a huge deal of planning)- De Jong, Kompany, Milner, Adam Johnson, Gareth Barry, Shay Given. Most of those would never have been signed by Utd and Chelsea, but have been key for City. Also with a player like Downing you know he is committing the best years of his career and it's his last chance to push for the Champions League. That's a great mentality to have around.
That's why we can probably expect to see experienced regulars like Downing coming in who will improve our consistency and get the best out of our existing players, and where we can compete is going for the best potential, which is why Henderson and the likes are being signed/linked. The experienced and the youth should combine to help us get back in the top 4, and once there the youth will have hopefully matured into class players, the likes of which we can't sign right now.