I think for a club of Arsenal's size and stature within English football being "happy" and aiming for a top four finish is poor. Especially given the calibre of players they have (or had until recently) and the style of football they play.
A lot of people would agree (including me), but what can the Manager do about that? If the board are happy coasting a long, bringing in the champs league money, there is nothing he can do.
And I do strongly believe it is them and their very tight wage structure that is causing the problem with the kind of signings Arsenal make. I can't blame Wenger for them, since the quality went down since Dein left, so it would seem all Wenger does is tell the board the players he thinks would suit the team, and they try to sign them.
Then obviously, he gets blamed for being tight and not willing to buy in decent players.