A lot has changed in the past decade though. The quality of the league is much higher, there are now a group of 6 top class teams in the league every year and then you get the odd surprise package or two who go on unbelievable runs takling points of whoever crosses their path.
Im not of the school of thought that Liverpool will suddenly crumble next year with European football to contend with, Roger's has shown he is too good of a manager to fall in to that trap. His comments on managing players training and fitness are a testament to this, and the players you seem to target are of the required quality to supplement your talented yet thredbare squad for a challenge on all fronts.
However, it will be a shock to the system, and one that will need to be carefully managed. People slate Arsene for seemingly settling for 4th every year, I think Liverpool will begin to understand how hard that actually was in a league riddled with Oil money and proper European fixtures against the Elite of the continent.
I think how a team manage on those two fronts is definitely down to squad depth for a start, but it's also down to the manager as well. We competed in the Champions League year on year under Rafa and slowly improved our league performance in that time. For three or four of those seasons under him we genuinely thought we could win the CL and we were very close to winning the title in one of those years as well. We had a great first 11 but still lacked depth in the squad compared to others, but that didn't mean we settled for fourth every year.
That Liverpool side and this one have several ingredients Arsenal haven't had for ten years - belief, fight and tactical diversity. Both of those Liverpool sides got/get this from the manager and his coaching.
I think Wenger as a coach while an excellent one, has his limitations. I've never seen Arsenal pass a true test when it was asked of them in years and the manager has been shown up for his lack of willingness to adapt in Europe. I don't think those players believe they can win when it really, really matters and I believe that comes from the manager both in what he says and what he does in his approach to different types of matches,
This Liverpool team, with all its weaknesses, believe they can beat anybody and don't just go out to beat anybody - they go out to destroy them. That's why I think we can win the league this year. There are a lot of variables that will determine how we cope next season but if the owners invest wisely I see no reason why we should just 'settle for fourth' with this manager and the players we have here already.