Redknapp is a wanker, there's no disputing that. There's also no disputing the fact that he's a quality manager.
Does he do things with a bit of a short-term perspective? Yes - witness how clubs have struggled upon his departure. But I think Spurs actually got pretty lucky to have it work out the way they did. They had Comolli buying top young players there for a few years, and then he left and (after some brief confusion) Harry came in to take over the short term. They already had Bale and Modric, and he adds a few more pieces like Parker and VdV, and they're flying. Mortgage the future a bit, but at least right now it's definitely working.
In two or three years they'll be back to where they always were, fighting to stay in the top 7 (Parker retires/is injured, Adebayor leaves, they bring in Martin O'Neill or someone like that, etc), but for this year at least it's all come together for them. I think they have to be disappointed they squandered their one CL chance when they did; if they were in it this year, I'd back them to go to the quarter-finals, maybe even the semi's. It will be very interesting to see what they do in that competition next year; depending on the manager it could be a complete disaster.