Rather than go through analysis paralysis, which is what clubs like Chelsea, Man Utd, and now Liverpool don't have to go through because of their large cash reserves, Wenger probably figures that the 2006-2007 season was not a true barometer of Arsenal's potential. Injuries, suspensions, and off the field distractions were a recurrent theme. A fit Thierry Henry and RVP would have been good for another 15+ goals and a half dozen wins. Scoring goals also releases pressure on an overworked back four leading to less defensive lapses.
Yes, Arsenal lost a number of key players in the last couple of seasons like Bergkamp, Robert Pires, and Jose Antonio Reyes. It is difficult to replace such players of caliber and the first instinct would be that without them it will be hard to challenge for the title. However, Fabregas is becoming a bit of a Emirates legend. Gael Clichy is coming on nicely. Adebayor was eye catching and responsible in taking on striker duty while the big unit was injured.
Then there is the question of Wenger's relationship with Arsenal's board. His inside man was David Dein who probably took the edge of an imperious person like Peter Hill Wood. Wenger has to establish a direct relationship with them. Arsenal's decision making is differently done, through consensus by committee because no one is a majority shareholder. A collegial affair. It is a relationship quite different from the Roman Abramovich and Jose Mourinho who call the shots. I will take a season or two as Wenger himself goes through a learning curve. We still don' quite know how much Hill Wood has decided to cough up but it will be nowhere in the region of a Man Utd or Liverpoool splurge.
A mid priced striker like Florent Malouda (10+ million pounds) would be attractive. I am not sure whether Franck Ribery is affordable (> 20 million pounds) and whether he would be all that desirable because Ribery quite frankly is a bit of a rolling stone. His changes of mind are as mercurial as his scrambling feet. Benni McCarthy is going to be expensive and close to 20 million pounds too. A signing like that does not leave too much wiggle room. David Bentley, his team mate might be a more attractive proposition. He has committed to a contract that sees him in a Rover uniform till 2011. Wenger might want to give English talent a second look because Bentley's form makes him a catch.