I would say losing 4-0 is getting worked over, depsite how well you played in areas of the match.
As for Welbeck I think it is a decent signing. I've always liked him to a certain extent when I have seen him play for England. Hard to know more than that as I haven't seen enough of him. Fellow pros seem to rate him quite highly so I am looking forward to what he can do. He certainly has skill and can finish and I would probably say that in some areas he is a better fit than Giroud, especially in terms of his pace. It could be a bit like Sturridge, in that once he is given a chance he starts to shine. £16m is a fair bit to pay for him, but then that is the England tax at work. I would certainly have preferred him over Balotelli as Welbeck suits our system more than Balotelli would and he is younger and has less baggage. It could work out to be a stroke of genius or he could just provide decent cover till Giroud comes back. I don't think there is really any down side to it.
The lack of a defensive signing is what irked me more.