I think Wenger last summer saw Cabaye as a better option than Flamini, but only if the price was right. In the end he went with Flamini on a free transfer instead of forking out in the region of £20m for Cabaye. Very, very difficult to hold that against him IMO.
Personally, I only feel we should go for another CM in the next year or so if a truly special player becomes available at a decent price. Cabaye is nowhere near good enough for the type of player I have in mind.