Wenger is a good manager, he'll get through this. He's more than
capable enough. Ferguson faced a similar scenario with the
resurgence of Chelsea 2 seasons back and the team is doing well
now.
I don't feel Wenger's capabilities are below Ferguson and his squad
is still young. I say Arsenal will bounce back. Maybe not this
season but the next.
One thing to note is that he is quite reliant on Henry, so it's
more likely next season than this.