I see what you are trying to say, and I do understand that people are too often just comparing with the past when, in reality, that isn't always possible. Those teams that these people are comparing to in the past were in the peak of their powers, and they only reached once they went through the stages this team is currently going through. If we compare these teams to the other teams that were in the transition phase, I'd say that this is the strongest team I've seen that is in the transition phase. We're top of the league, and the only big issue is that this team did badly in Europe. Then again, the other teams in transition also did bad in Europe, lol.
About your second point, the reason why we didn't win enough in Europe was because, as Sir Alex said about the 1990's teams, their approach was wrong. They were too attack-minded and too cavalier in their play, and with continental football not being like this, Man. Utd. were often undone by resilient, disciplined, tactical defending and counterattacks against few defenders at the back. Sir Alex realized this and changed the approach when going for a 4-2-3-1 from 2001 to 2004, and we did better, only losing out barely to Borussia Dortmund in the semis, and to Real Madrid in the quarters. However, we still didn't get a Champions League, then. Then came the 2006-present period, where we made it to 3 finals in 4 years since the 2007/08 season, and that is a big achievement, no doubt about it. However, we only won one Champions League trophy during that time as Barcelona started to improve into the force they are now.
We should have done better in Europe, but from what I am seeing here, we are always improving in terms our European campaigns whenever we get a team that is at its peak and past the transition phase. In the 1990's, we didn't do so well. In the early 21st century, we were better, but not yet good enough. In the present period (2006 onwards) we made it to 3 finals, something only Barcelona has done in that period. Who knows how much better we will do in the future?