Top post and really insightful as I wasn't there back then.
@Bilbo asked me earlier why I haven't dropped off my enthusiasm and support for Ole, and while I can go into the specifics, for me it's more down to the parallels I see with us now, and what we saw in 2003-2005. Those two years were tough (now they seem like child's play compared to the 7 years we've gone through!). We saw Fergie being questioned and called past it, Ronaldo was seen as a circus act and we increasingly were looking stale and disjointed, but all the while we were building ourselves back up in response to first, the invincibles and then Jose's Chelsea. This inconsistency and the disjointed performances continued all the way up to 2005/6, where we got knocked out in an embarrassingly easy group in the CL for the first time, and we looked like we'd be finishing 3rd at best. However, in the latter half of the season it seemed like we flicked a switch and really started to get a head of momentum. We won the League Cup and we went on a good winning run which even gave us an outside shot of the title. Unfortunately a 3-0 loss to Chelsea at Stamford Bridge in April put paid to that, but the momentum we had was undeniable and we rode that momentum all the way through into the 2006/7 season, despite only making the one signing in Michael Carrick.
Right now with Ole, I'm seeing some of those parallels now with us. He's totally reshaped a team that was seen as a lost cause with only 4 real first team signings and this team is now riding a crest of a wave similar to what the 2005/6 team had. However, while Fergie was able to get Evra, VDS, Carrick, Saha, and Vidic to complete his side after the cock ups he made in 2003 with Bellion, Djx2, Howard, et al; Ole really hasn't had the chance to do the same so I don't think we'll see us anywhere close to functioning and firing on all cylinders like that 2005/6 team did until at least 2 of the following purchases are made: a CB, DM, RW, and maybe a striker. If two of those signings are made, I think you'll see a much, much better Utd than what we're seeing now.