Having let go of Andy Carroll (loan), Dirk Kuyt, Maxi Rodriguez and Craig Bellamy in the summer, Liverpool were certainly in need of attacking reinforcements long before now.
Fabio Borini came in, but he turned out to be the only senior forward who did so.
Samed Yesil arrived from Bayer Leverkusen, but can be counted as a direct replacement for outgoing youngster Nathan Eccleston.
Brendan Rodgers certainly targeted a number of other forwards to join the group, but for a variety of reasons they did not go ahead—Daniel Sturridge because he did not wish to leave Chelsea only on loan, and Clint Dempsey because the Reds' owners seemingly refused the price tag for a player of 29 years of age.
What the actual circumstances surrounding the deal were are perhaps difficult to predict, but the case of Theo Walcott is far removed from Dempsey's.
Walcott is only 23 years old, has a "normal" market value of probably around the £15-18 million range and has his best years ahead of him.
Signing him for only around half of that, then, implies an immediate potential profit on the relative value of a player once he signs a long term deal for the club. Liverpool could technically sell him again if they desired in a year or 18 months and make a 100 percent profit, at a minimum.
Should he excel in the team and suddenly be in huge demand in two or three years' time, Walcott could easily fetch £20-25 million and still be in the prime of his career at around 26 years of age.
Not that this should be the primary reason for signing a player, but anybody who ignores the sums at this stage in the club's re-development is missing the point entirely.
Wages-wise, Walcott should not be an issue either. Sure, he wants big money—but why shouldn't he? Average players in the league are frequently handed contracts worth £50, 60 or 70,000 per week so teams should expect those who prove their worth to ask for even higher salaries.
Worst case scenario, Walcott wants £100,000 and the No. 10 shirt.
It seems Liverpool have a need to offload themselves of those two particular burdens on the club at the moment in any case, so aside from the transfer outlay there would be little expenditure needed on the part of the owners and a vast improvement in quality to the playing staff would be gained.