...but with respect to Arsenal, I look at it as a major loss and poor business.  Last year Barca offered more than double for Henry, so instinctively this looks bad to Arsenal fans and makes the Arsenal board even look more foolish and unimpressive(especially with Dein out of the picture).

If reports are correct, Torres is going to cost about 30 million and I don't think its smart for Arsenal to invest that in such a striker.  I think they need to provide lots of experience for their young squad.  With van Persie, Cesc, and Walcott they have a solid offensive future.  Bringing in someone like Forlan or like you mentioned Saviola may be a nice stop gap, but they will be in a dogfight to get that 4th Champions League Spot. As a Spurs fan, you must be salivating at that prospect.

And Yaya Toure is apparently close to a deal with...you guessed it Barca. I'm almost blushing.

It's an interesting and controversial decision, but not a surprising one in context. Wenger has always had a bias in favor of younger, faster, cheaper, healthier players, and has never been afraid to let players walk once their best seasons are in the rearview (Bergkamp being the exception that proves the rule).  Wenger is the most adept at identifying young, foreign talent, and I'm sure he is far from panicked. I agree Arsenal would have been better off selling Henry last season, but you can't know the future. If I was an Arsenal fan, I would be sad about the end of an era, but trusting of Arsene and hopeful for the future.

As for Barca, they are sitting pretty, but if they had trouble keeping Eto'o happy last season, it's not going to get any easier now. I sense a variation on the curse of the Galacticos potentially setting in...

Thierry has only left Arsenal because of the loss of David Dein and the fact that Wenger could not pledge his future to Arsenal beyond his current contract (which runs out at the end of next season).

I do not see such a problem with Cesc, I think he'll relish being one of the starts of the team, moving out of Henry's limelight, so to speak.

As for who replaces Henry, I'm not entirely sure. They'll get around £8m for Reyes, and the reported fee for Henry (£16m) is not entirely accurate. A few ordinary performance based clauses, as well as a further bizarre clause saying that for every year the transfer fee isn't payed off Barce pay Arsenal £750,000. I'd say the money they're getting from both sales would easily be enough to buy Torres, although I don't know if that's Wengers' style.

The rumour going around England is that he'll look to buy two strikers, one being Anelka and the other being a younger striker, with Babel and Huntelaar mooted as possible signings.

They've got a lot invested in RVP, and he looks to be the focal point of their attack next term.  There is also a good collection of young support talent that needs playing time, and it may sacrifice a good deal of their growth and future success to bring in a proven talent who will want consistent playing time.

Arsenal have a good attack as-is.  They have excellent movement both with and off the ball, and they flow as well as any team in the EPL.  Whether they can translate that into goals is another story.  

I'd say they are in excellent shape to run a 4-5-1 and use their short passing and movement to deny opposition teams possession.  They should have a solid season.  Not top 2, but a CL spot again and a good cup run or two.