I think all of your comments may be right Xavier. AW is stubborn in his ideals, but that isnt necessarilly a bad thing by itself. He doesnt have a lot of money to spend, but there is SOME cash if he decides to buy.
Ultimately I think he and the board will probably spend little or no money this January. Not in the current economic situation. The last thing that Arsenal want to do at the current time is get ourselves into the position Chelsea and Liverpool are in, whereby success is not only desired, but absolutely necessary for the long-term survival of the club.
Arsenal could afford two or three years without Champions League football without any serious problems. Chelsea and Liverpool obviously couldnt and I think AW and the Board are determined to keep it that way until the economic situation improves.