I disagree with you entirely on Guendozi - I think he's been the standout performer for Arsenal in the three games so far. Maybe it's just because I'm comparing him to Xhaka when he was playing that role and it's a novelty to see an Arsenal player actually winning the ball back in midfield again. Torreira hasn't made quite the same impact, but then we haven't seen much of him so far and it may take him a couple of months to settle in.
The biggest problem Arsenal face at the moment is in defence - neither Sokratis or Mustafi are blessed with much pace, which leaves us exposed to the through ball when playing a high line. That is something Emery can fix tactically over time on the training ground.
My feeling is that we won't improve overnight but we should see a steady evolution over the coming months, with everything coming together around Christmas. This season needs to be seen as one of transition where we can expect a degree of inconsistency. A top 6 finish in these conditions would be a reasonable expectation. One or two new signings over the winter and summer windows and then we'll see what Emery's Arsenal looks like, and whether they can build towards a genuine title challenge again