Spending comparable amounts is different to having your squad resemble like values. We can spend 7 million on Bellamy, sell him and spend that 7 million on Riera...but we don't have a player worth that 14 million and we have recycled what we have spent. IIRc, we've spent only 20-30 million more than we've sold under Benitez. Compare that again with the teams I just listed. Torres is doing only what he can do: score. But he is surrounded by, at best, squad players for other top teams. He cannot possibly win the title on his own.
That's why if you add the value of our current squad together it is dwarfed by the likes of City, Chelsea, United and is less than I think even Tottenham. Think about it; since Benitez has been in the EPL the two teams that have won it have by far the most expensive squads. Yes, we may spend more than Everton and Sunderland but we're still quite far away from the likes of the former champions. But Everton and Sunderland have not been champions and aren't expected to be either so the comparison is flawed to begin with. In fact our spending and Tottenham's is very close, do you think anyone is calling for them to win the title or are they disappointed for not winning it?
If our squad resembled anything like the values of those of the former champions, Chelsea and United, and we didn't win the league THEN I would agree with you. But they don't, so anything like actually challenging them is a very good achievement. I was disappointed last year but being realistic it was a fantastic achievement nonetheless.
The reality is, we only have 2-3 players who are superstars and who can put on performances when the team isn't winning/playing well. The best teams in the world who have won championships are those with a good all-round team, but with a handful of stars capable of turning matches when the games are locked or even worse when they are being outplayed. And when Torres and/or Gerrard are out, we cannot replace them so readily, can we? Who do we have? Babel or Kuyt ...players like this that have been bought for ~10 or less million pounds. Essentially, you pay for what you get. Sometimes they blossom into a Xabi Alonso and sometimes they become a Babel and sometimes they more or less hold their value like a Kuyt. When you can afford to buy players in 1 30 million shot, you are more likely to reap dividends, are you not? The players that command these types of fees do so for a reason.
Sorry, I've jabbered on and am extremely tired. I'll see you in the morning.