I just find the whole Arsenal transfer situation a tad ludicrous. It just seems like Arsenal players find themselves in some sort of transfer wranggle every summer. There was the Viera issue for years before he left to Juve (a move I still don't understand), Henry and the rumours to Barca, and this year is Ashley Cole, Reyes and (before the WC ended) Cesc.
I'm not sure why it happens this way every year
Anyways, the Cole deal appears to be off but I suspect something might happen over the next few days because Cole is clearly unhappy and pushing for the move in my opinion. Reyes appears to be out for sure since negotiations are taking place today. And now Henry is unhappy that there have been so many departures with few replacements brought in ... completely understandable.