I suppose one could argue we reaped back what we spent - Cole's transfer was followed 6 months later by Ince and Kancheskis going for over £10m between them.
But you are right, we've always had money, and spent it when needs, even before we became a PLC we were still 'Moneybags Utd'. But thats because we were a well run business both before and after flotation, and nigh on always topped the attendance charts so had the money coming in over the gate. The big hatred of the Glazers is the fact they destroyed that model instantly and saddled the 'richest club in the world' with huge debts.
The reality of it all, which most fans refuse to see, is its made very little difference from a football point of view - We still sign the players the manager wants, folowing the same philosophy to negotiations (we have to be tough in that people will want more from Man Utd because quite simply they can get away with it - the player wants the move, the club know they are a talent and are not in any hurry to sell, and we've got the resources to pay - so clubs will hold out for more).
The stadium continues to be developed, as does the amenities around the site. People get held up over the clubs debt but on the whole, its not had an impact on the club.