The positive here for me is that Wenger appears to be smitten. Where a transfer like Perez or even Welbeck might have been a "he'll do" kind of deal, this seems more like a "this is my guy" kind of move.
Wenger's never had trouble spotting a player, just spotting one he'll pay the price for. Elneny may have been the finest £7m midfielder in Europe but if you're happy to look in the £40m range and can identify a player that fits your template you'll probably end up with someone better.
Maybe he has lost it, but I still have faith that he can spot the kind of attacking talent that he can use and improve. And signing players around 21/22 is probably more reliable than 17/18. Chamberlain and Ramsey for example don't feel to me like the kind of players I expected when I first watched them.