The January transfer window is over and there's still more questions than answers for Gooners worldwide.
Plenty of players have left the Emirates, none permanently, and only one has joined the Gunners.
Arsene Wenger added to the Spanish contingent at Arsenal with a move that will brighten at least a few Gooners' outlook on the squad.
So what's happened with the Arsenal squad and how good was the club's transfer activity?
Scroll through to find our grade for the Gunners' moves during the January transfer window.
Marouane Chamakh headed out to West Ham on loan until the end of the season.
The good thing about this deal?
Marouane Chamakh may get some playing time which would spark interest in his services and allow the Gunners to sell him in the summer.
The Gunners now have less depth in the attacking third.
Sure, it's unlikely that Chamakh would have gotten much time on the pitch but at least he'd be there.
What if, knock on wood, certain key attackers get injured for lengthy periods?
Wenger spoke of the need for a new striker at numerous times during the January window but nothing came to pass.
The depth issue comes into play again here as the Gunners may have been better off holding on to Johan Djourou until the end of the season.
Right now Arsenal has three solid, as solid as Arsenal defenders go, central defenders.
Johan Djourou was fourth in line but the club has let him go on loan.
That leaves Sebastian Squillaci and then Ignasi Miquel as the next defenders to play centrally.
One would expect that Gunners fans would prefer Djourou to step into the line of fire if anything were to happen to Arsenal's top three central defenders.
In the end, Wenger's thought process in this move is evident.
Djourou may not be missed if, or when, the Gunners get knocked out of either the FA Cup or Champions League.
There's not much wrong with this move.
Arsene Wenger wants the player to get regular playing time and he should be able to get that at Fulham.
Frimpong needs the games under his belt to challenge for a starting spot next season and Fulham need more energy in their midfield.
There's not much wrong with this move either.
Chuks Aneke continues his development at Crewe Alexandra where he's already made 22 appearances and scored six goals.
The powerful young midfielder is highly-rated and has similarities in his game to both Abou Diaby and Patrick Vieira.
The capture of Nacho Monreal was a bright spark in a very, very dull transfer market for the Gunners.
The need for a left-back has been filled and in usual Arsene Wenger fashion.
Monreal has been in excellent form for Malaga in the past two seasons. Here's more about the player from Arsene Wenger on Arsenal.com:
Monreal is a strong left-sided defender with good experience at both club and international level. He is a technically gifted player, a good crosser in the final third and strong in the air.
All those points make the Spanish left-back a great addition for the remainder of the season and moving forward.
Overall Grade: D+
Harsh? Not really.
The capture of Nacho Monreal brought it up from what would have been an F.
Monreal's arrival changes the depth of the squad in both the defensive and attacking sense. Both he and Kieran Gibbs are the obvious choices at left-back with Andre Santos a last resort if necessary.
Gunners fans may not see the back of Santos yet though as he could prove useful further forward.
The Brazilian is capable of playing in an wide attacking role and his technical skills would be put to good use.
The loans didn't affect the Gunners' squad too much as none of the players had been integral to the team's season thus far.
Arsene Wenger failed to get the striker he wanted and that has to go down as a major miss.
The midfield could still have used another defensive presence despite the recent encouraging performances of Aaron Ramsey and the play of Mikel Arteta.
The squad didn't change much and the lack of depth is still a major issue.