Some harsh stuff on this thread. Every club has a 'deluded' section of its support.
At Arsenal there's a split. There are those that think we're still challengers for major honours, label ambitious players as disloyal and blame everyone else but the club and Wenger for our current position.
Then there are those of us that are not happy with the way the club is run. We realise that the owners have zero ambition and are happy with the status-quo as long as the money keeps coming in. Poor wage structure means that we can't attract/keep top players and can't shift the dross - resulting in an average team that challenges for nothing and further pushes top players away (which the board are only too happy to sell). And to top it off, the board take the **** with ticket prices.
We're still a big club though. Our history still means something (yes it gets less relevant as time passes and it isn't added to), we still sell tickets, merchandise, draw in TV audiences, Champions League regulars, own a state of the art stadium etc etc.
In terms of bitterness, you'll find most of it is directed towards the board (and some to Wenger).