I agree that Man Utd and Arsenal have gone backwards over the last couple of years but the difference is they both have decent managers and you can see some sort of rebuilding in place which is not the case at Newcastle.
Manchester United fans were very fearful of the takeover but the board seem to stayed in the background and have backed Ferguson financially e.g. with Carrick - overpriced in my opinion but a bargain compared to some of the money we have wasted e.g. on Luque and Boumsong.
We appear to have no longterm plan or direction whatsoever on the field although I agree that Shepherd has moved the club forward as a business - Christmas parties, Shearers, the museum, tours, Goal, The Match etc. To me though it is on the field that matters and you can't change the fact that 3 of the last 4 managerial appointments have been appalling and the Manager is the most important person at the club. Shepherd's failure to get that right means he is a failure as Chairman of the club. I was perpared to give him a 2nd and even 3rd chance to appoint the right man as I genuinely believe he is a Newcastle supporter but with the appointment of Roeder I have had enough and am starting to think we need a change at the top to go forward.