On the other hand, when injuries bite, or when we're deep into games and need a sub or two to spark something, that 60m - 70m will not just be improving one position, but every position, while maintaining closer to the standard of the first team.
Arguable if Johnson is better than Clichy at LB and better at Kelly at RB; let's just go with Johnson and Clichy to start, though I think Kelly ought to be a starter - but let's go with experience for now. I've no idea about Skrtel v Dann.
Now look at this:
Reina, Johnson, Carra, Skrtel, Clichy, Lucas, Gerrard, Ming, Mata, Suarez, Kuyt (solid first 11)
subs: <GK>, Dann, Kelly, Adam, Henderson, Downing, Carroll (solid bench)
subs of the subs: Flanagan, Robinson, Shelvey, Spearing, Maxi
Assuming Henderson pans out, then that bench is miles better than what we've had in the last 2 seasons, and actually has players at every position who isn't there to make up the numbers.
Most of the names aren't edge of the seat types but I think they'll improve a couple of starting spots, actually help the team off the bench, and offer capable back-ups over a season.
edit: Having said all that, we shouldn't spend more than 18m on Adam and Downing (edit: down from 20m originally; failed my maths there)