Is it really that bad at Watford?

When the takeover news first came about and it was an Italian consortium some were quick to point at "how badly" it was going at Watford. The Watford fans seem happy with the majority of whats gone on and they seem to be picking up some points now after a slow start. Some say their football compared to what it was like under Dyche and he took them into the top half last season.

http://www.wfcforums.com/showthread.php?44221-Watford-filled-to-the-brim-of-30-000-capacity