I think Arsenal have had a great season and if their mentality is right it's a valuable experience that should help them continue to get stronger.
Looks like it's slipped away from them now, but they've come very close to winning the league. If we were in their position I'd be pissed off to come away with nothing, but given a little time to think about it I'd be very encouraged by what the team's shown this season.
The test for Arteta is to tweak the fine margins but more importantly to energise that squad to come back stronger next season. The effort of one good year is nothing compared to the effort of competing every year.