Because although everyone likes to see a quality team full of the best players in each league and give them something to watch, Real Madrid, Arsenal, Milan etc, they have been built (especially in Arsenal's case, i know Real and Milan have many a backer) over a period of years, and only real have consistently bought the best in the world. I think it's better for football if teams are built and not just bought ready made for victory like the hired guns of the west. I don't deny that football was in a position where it needed the money but winning by leaving a vacuum of good players at other clubs so theres no competition and essentially no league (yeah, i know - Real) just seems too easy to be enjoyable. If Chelsea were self sufficient i would have no qualms about their buying power.
I dont think we can evaluate it now really, only opinionated guesses could suffice. Looking back in two years time at the teams of Europe would be the only way.
On a different note, i know it would never have happened but it would also have been interesting to see how Jose did with Chelsea's limited budget before Abramovich, with the steel in his team now, he could probably get a team of gingerbread men into the champions league.