Hmmm, agree partially - a league challenge and going as far in the CL as possible are the most important things to me, it's what I missed most in the latter Wenger years. Being out of the league in Dec is depressing, getting hammered 10-1 by Munich in the first knockout round of the CL equally so.
However I love the FA Cup, as much as I am indifferent to the League Cup. Mind you, I'd take a CL semi-final over an FA Cup win if I had to choose.