I personally think it was important to get the poison out of the squad and let anyone with the wrong attitude leave. That seems to be done but I have to agree that we're missing a lot of quality. I think we have a decent spine but we're missing some key positions.
Central midfield could use some help, our number 10 is still up in the air (is it Perez, Diame or De Jong?) 1 up front good enough to get us through the season? Left back is still not sorted and the signings we've brought in seem to be squad players.

Have to agree with pboro that not many of our players are wanted by our competition which means that we're clearly missing some quality. A few first team players can fix all that though.