In fact we've only ever been in the CL twice - 1962-3 and 2010-11.
For the 6th biggest club in the country, this entitlement to finish 3rd or 4th is a bit bizarre.
As you bring up, for 25 years (1990-2005) it was our dream to get into the UEFA/CW cup. People that now belittle use playing in it don't deserve to see us do well.
It's funny really isn't it. We were literally obsessed with 'the top six' then 2003/04 happened, all chaos was let loose but eventually we turned things around became top six regulars and not long after we finally managed this (I'd say about 2007 onwards) we became fed up of it.
Whilst people make the point that the CL football is what attracts the good players it still doesn't guarantee you anything, just ask Saudi Sportswashing Machine and Leeds, where as winning trophies gives you as a fan something you'll never forget, whilst giving the players a taste they don't want to lose as well as experience of real high pressure, a cup final.
So many say that not being in the EL during 2009/10 was the main reason for us finishing top four, and in many ways I'd agree with them, but it was also reaching two consecutive cup finals and an FA Cup semi-final in 3 years (2008 - 2010). These cup runs helped build both individual and team character, the players were used to big games by the time that crucial and unforgettable week against Arsenal and Chelsea arrived, also the wins against Inter and AC Milan were mzde possible as result of those three cup runs in my view.
Since then we have reached only one semi-final, of which was humiliating (2012), in the past four seasons and yet people are baffled as to why our team lacks character? To be something in this game you have to win trophies, if you to think that finishing top four is the only way that will happen then I'd like to know what you're taking. Just look at 2010, since then all our rivals bar Everton looked over their pretentious shoulders and thought 'f@ck!', since then they have spent well far beyond our means in both transfer fees and most importantly of wages (something we once again lacked even after the Bale sale).
There's one thing money can't buy, regardless as to how much you have and that is character. It comes from winning 1-0 in a battle of the Bulge (last Nazi offensive in Belgium December, 1944) style matches, cup runs and above all else winning trophies, if you think that a CL group game against say Schalke 04 or even a CL Q/F against Real Madrid is bigger than a cup finalthen you're in la la land.