I think a "crossroads" is the best word in here. We have - bar the season of coming 8th in the Championship - had great seasons since the Wigan playoff semi one (2001). Thats a pretty good record and now for the first time it seems that we are not in the upper eschelons of the league we play in. Nobody likes that, regardless of the division.
So where do we go? I have confidence that our existing set of players, management, and executives will not let the club fall, to the degree of relegation. Brick by brick does not mean fall over. Everyone with a financial mind knows that relegation is catastrophic for any club when the revenues drop by £35million or so.
But where next? Its almost like we've "achieved" everything. Do we want to plod in the Premiership and hope for the occasional cup win or fight for Europe? Do we want to fight relegation every year? (no thanks!)
The existing management will do us well while we are maintaining our ground in this division, but I can't see them taking the next level of risk required and getting to the Portsmouth, Everton etc stage just yet. The ground capacity et al seems to be more the priority to keep the club revenues coming in, and that is no bad thing. The potential is there to get the crowds but until its built you can't get them in! Players wanting to play at big, full stadiums will have a wait for that opportunity to arise at Reading. Pompey get around it by paying ludicrous wages in the pre-bigger stadium period. I can't see us taking that approach unless it is forced upon us.
Stability - for now - seems a sensible strategy. Invest in youth development and the stadium, and keep the club afloat without being spectacular a la last season. That suits me, for now.