I'd take that this season. I think realistically it's about the most we can expect (league cup aside). It's the same for everyone, not just us, we simply cannot compete with the money being spent by the likes of Chelsea and City, it's impossible.
For years "the rest" complained about the Arsenal/United top 2 dominance, now it's heading into a Manchester/Chelsea buying battle to see who can buy the best squad. We can't compete, looking at the squads on paper it's thoroughly unrealistic to expect us to match the likes of City, meaning it's unrealistic to expect any genuine title charge. Sadly it's become a battle of the big buyers and the rest of the league have to be content with making up numbers.
I think we'll make some good signings, and even if we got all the players I'd like - and ended with a very strong squad - we still should be happy with an FA cup, we would have been in most seasons of our 126 year history, particularly now when you can't beat the championship manager cheats.