For the level we're at, he's only spending the amount it takes to be competitive so the first one is a bit unfair. It would be interesting to see how his spending compares as a proportion of the money that's come into the club in recent years (i.e. not from Tony Bloom). And almost all the clubs...
He doesn't always play the most exciting football - that's a different thing - but yes, yes he is.
*edit - and if we stay in the Premier League for a few seasons, he might have the money to change the first bit. I think he'd try*