Fu*k the Britsh flag, fly the Arsenal flag.
This isn't the world cup, nationality shouldn't matter in club football. Why would you care where your players are from? The bottom line is you want the best players to play for your team. If they're English then great, but the reality (as has been pointed out by many already) is that in general young british players are:
A) more expensive.
B) less disciplined.
C) too few to make up more than a couple of squads of top quality, AAA talent.
Think about it, the England team is roughly split between Man Yoo and Chel$ki, with a smattering of others from Liverpool, Arsenal etc. That's simply not enough top quality players to support 4 club teams in the Champions League. So how do you fill the gaps? Foreign talent.
The only reason people are kicking off is the fact that one manager has managed to build a credible Premeirship side with almost no Englishmen. Boo Hoo I say. He's not the England manager, AW's responsibility is to Arsenal. If an English kid is good enough then by all means throw him a shirt, but to me the idea that 'there should be limits on these johnny foreigners' to me sounds like naivety at best, at worst, racism.
My two cents...