I can see the point you are making in that even though everyone goes on about Wenger as the great low spender there have been times when he has spent big and made little impact on the team (a good example is Wiltord - decent player but didn't really improve the team).
I think the fundamental thing is that the most successful teams in the league either have had a huge cash injection at one stage (Chelsea) or have grown slowly. O'Neill probably had the quickest ascendancy but he has not had to challenge or aim for winning anything every year which means he has always been able to look purely to the future and had a supportive chairman/owner. Even though Rafa has been here a while I think that the investment put in is only just really bearing fruit and that the cost given that we have won some things in the mean time has been pretty reasonable.
I think the fundamental thing is that the most successful teams in the league either have had a huge cash injection at one stage (Chelsea) or have grown slowly. O'Neill probably had the quickest ascendancy but he has not had to challenge or aim for winning anything every year which means he has always been able to look purely to the future and had a supportive chairman/owner. Even though Rafa has been here a while I think that the investment put in is only just really bearing fruit and that the cost given that we have won some things in the mean time has been pretty reasonable.

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