Yeah, he is better, but that's not really saying much. Our lack of good midfielders over the past few years has clearly skewed people's perceptions on what a 'good midfielder' actually is.
I personally really don't rate Cabaye (the Cabaye thread is testimant to that). Don't get me wrong, he is a decent midfielder but I don't feel he is 'top 4' material and I really hope we aim higher. For what it's worth, I old certainly take McCarthy over Cabaye and he would be cheaper.
I'm hoping this Fabregas lark bears a positive result, but I won't get my hopes up too much.