I agree with the majority of the OP. The club really seems to be struggling to "get it right" in recent years - either we shamelessly ignore enormous gaps in the squad, or we sign random luxury players that we dont need, or in this case, both.
I am in the minority of fans who actually thinks that the core of our team and our youngsters are/were capable of improving and getting us back to the top, under the guidance of the right manager. There were problems which needed addressing - such as with Shaw and Herrera, but the whole Falcao deal (and to an extent, Di Maria even) seem not only completely out of character for the club, but rather unnecessary. I can see why in Di Maria the club wanted a real marque signing, but there is no doubt we overpaid and really he isnt the commanding CB or CM that we could have truly done with.
Falcao though? After LVG talks about an unbalanced squad, having too many strikers/AMs? We get rid of Welbeck, Hernandez and Kagawa so we can loan in a mercenary for a year at a cost of something like £20m? And pay another £40m if we want him beyond that? I would sooner keep Welbeck and give Januzaj/Wilson some more gametime to boot.
In defence we have signed Rojo and Blind - two relatively cheap, young players, putting them pretty much on the same page as the rest of our defence which everyone is so content to call inadequate? If we signed a true first choice CB, on the level of a Vidic or Kompany then fair enough, but how do we know that Rojo or Blind are actually going to turn out any better than Smalling, Jones or Evans? We dont, and you are kidding yourself if you claim otherwise.
I dont mean to sound so negative about this transfer window as I am pleased we havent spent another two months being teased about Fabregas and Kroos (Vidal?) only to end up pretty much empty handed, but our transfer policy under Woodward just doesnt strike me as being that well thought out, I dont want to see us turn into another Man City or Chelsea filling a team with overpriced mercenaries. That doesnt mean I dont want some quality players, but these should be good players that have been scouted and identified as adding something to the team, not just "Oh world class player x is available?! SIGN HIM!!"