Tes, I agree that at the moment we don't look that impressive. But yesterday neither did Man City and compare their talent to ours.
I think when you add several new players to a team not to mention a new manager it takes time for them to gel. Once Meirles has a few games under his belt and we see his potential then things may look better. I still think Roy is trying to work out our best formation.
After 3 games we have the same number of points as Spurs and Man City so they've not been without their problems. And with Bolton, Birmingham and Wolves above us the table is very skewed at present.
Give it another few games and I do see us improving. At least Torres scored a good goal yesterday and WBA are not the push-over side they've been in the past. In comparison Rooney still hasn't scored in open play since March. I know which striker I'd rather have. 
There seems a definate top 3, at least in terms of the start they've had and we are in that second grouping, which as you say ASI, we're also pretty even with eachother. Our match with City is taking on a more exceptional aspect, especially where City are concerned. I'd be more worried if I was a City supporter.
It's hard to keep our hopes in line with what is our less than ideal reality. I just hope Roy can build a team, not a collection of players, along the same lines as Wenger does. Some of his signings have not been quite so exciting as others I guess, but if Cole comes good and Meireles settles quickly, Poulsen copes with the pace of the game and Maxi can build on his first season, then maybe we can have more highs than lows.