I think it shows the horrible state of modern football, when winning silverware (including the Carling Cup), is seen as less of an achievement than gaining champions league qualification. When I have my, what feels like weekly discussion with mates about this very topic, I use the Arsenal like argument. Take two teams: A and B. Team A has qualified for the CL for the previous ten years, but has not won any silverware. Team B however, has not once qualified for the CL, but has won one Carling Cup in the past ten years. To me, it makes absolute sense that team B is the more successful of the two clubs. When clubs list their honours, they don't list the years in which they have qualified for the CL in addition to their cups.