While in general terms you are pretty much correct, I think we are closer than you think to putting it all together.
Why are we not explosive on offense? Because we have no legit WR threat. Now that we are starting to see Henne develop into what looks like a pretty decent QB, the problem is our WR corps just doesn't scare anyone. A good F/A and/or draft could solve that problem. On def, I'm convinced we are making great strides with our DB's. We have 3 rookies starting to show their potential. The problem is we are giving the QB entirely WAY too much time to throw the ball. Plus our LB's are not covering the TE's/RB's very well either. Fix the pass rush, pick up a decent LB or two and we'll be just fine there too. We have to realize how many holes we have been trying to fill the last couple years. It's going to take time. But once done, we will be a complete team that will be winning a lot of games, not just being competitive.