No it isn't. Really bad is signing Drenthe on loan along side Straqualirsi. Really bad is having a website set up in honour of not buying a first team ready player for over two years. Really bad is having a squad set to progress after finishing 5th and just missing out on the FA cup in 09 and then having Lescott ruin the pre-season and early season. Really bad is losing Rooney and signing Marcus Bent. Really bad is having Roberto Martinez in charge of the club.
It's July 15th and outside of the 2 Manchester clubs few teams have started strengthening and for those who have, none of them have signed someone who had me gutted that we 'may' have missed out on them.
Chill out and wait until early August to judge.