I would have taken Michu at the very start of the summer to be honest, as I had no faith in landing a truly elite forward. If the management had been in the least bit serious about signing serious players back in June, then we could have certainly acquired a better player, but in fairness to Michu he is physically stronger and has better quality on the ball than Giroud. On top of that, I really do not think there are any clearly better forwards at a club that would do business. The season has started and normal clubs aren´t going to be willing to sell their top players.
I´d make do with Michu for this season, and have him rotate with Giroud at point and Cazorla at 10, then next season we could (should) get rid of Olivier and try again for Suarez with Michu playing behind and perhaps Cazorla on the wing.