In 04/05, we finished top 4 with 61 points. Practically ten years later, our record points total wasn't even enough for a top 4 finish. In 04/05, Man City and Spurs were going nowhere and just about scraped into the top 10. The top 4 was just that, a top 4. We managed to overtake Liverpool who were a little distracted by going the distance in the CL. Can we do it this year? Of course. Is it going to be much harder than ever before. Without a doubt. The standards are higher now and there is much more competition.
Also top 4 only gets you into the qualifiers as well and to be honest I wouldn't have fancied our chances against some of the teams in there this year. Napoli, nice, Cska Moscow? Even hoffenheim. I'd take winning the Europa and guaranteeing qualification over getting in the top 4. It may even be easier.
Also in 04/05 Bolton finished 6th and Middlesborough 7th! Using that era is practically pointless as a comparison.