I think squad quality is very high, the problem is the team quality. The sums of our parts is fuck all, they are all good cogs just none of them fit together.
Yes, the balance of the squad (or rather, the complete lack of it) is also part of the equation for overall squad quality. So you can't just compare players from this squad and another one and say, look, we've got better players because it's all worth fuck all if all your players happen to be goalkeepers.
My biggest problem with the current squad is that I don't see any kind of vision or direction. We're signing players on an ad hoc basis, whereas under Moyes and Martinez we had some kind of idea what their vision was, even if we may not have liked that vision.