Wrong.
The purpose of going into the CL is not to win it. Everyone knows Liverpool will not do well in it, but if they don't go into the competition they will never improve.
You've got to play with the best, get whacked a few times and learn the way how stronger continental clubs play. I knew of a Spurs fan who said that he is happy that purs did not qualify for Europe (either UEFA Cup or CL) next season, bcoz he can't bear to see his team get thrashed. What kind of mentality is this?
Going into the UEFA Cup means about a £5m windfall, but the CL promises at least £20m. With the £21m from Reebok and the £20m from CL, Liverpool will have £41m to improve the squad (plus youth development). Losing the CL place is more than just finishing 4th. It has great financial implications. Moreover, players who may want to come to Liverpool next season may now decided not to. Ask Markus Babbel if he'd sign for us if he hasn't sign six months ago.
Suggestions that we'll be happy with qualifying for the UEFA Cup are surely out of the mark. It's more that "Well, we're still in Europe", which is completely bollocks.