I think progression in the CL is more important overall - not just for the money but to preserve the UEFA co-efficients, England are only just above Italy by 3 points now - Italy currently get three CL places, England 4. This time next season England are likely to be behind Italy due to the 11/12 season points dropping off and whilst just fininshing in the "top 4" is not an aim it is always a safety net against a poor season.
That said, if it was only the top 3 who qualified and Utd, Arsenal, Liverpool, Spuds were fighting it for it maybe long term it could benfit us!?