In the case of Portsmouth, my local Premiership side, money has definatly ruined the game in the eyes of many of their longer-serving supporters. Since they got promoted three years ago, much of their traditional fan base has been priced out of games and replaced by the stereotyped 'prawn-sandwich' brigade. Some go as far as to argue that the matchday experience was better in the old division one, and would not complain too much if they end up back there (a wish that looks like soon to be granted).
Also, just logically, Chelsea having buckets of cash to buy any player they want is obvioulsy not good for the competative side of the game, as the last couple of seasons have proved.