Whilst it was undoubtedly a rubbish time from the highs we'd experienced in the 80s, when you look at the situation today, only 6 clubs remain in the premier league who have not been relegated. Yes we 'missed' the premier league, but so did Leeds, Newcastle, Villa, Forest, big clubs who have declined irreversibly almost. The only clubs who didn't 'miss' the premier league were United and Arsenal, they were both fortunate to have their best ever managers at the helm as well. Liverpool haven't won't a league since, Spurs have barely won anything. City and Chelsea have bludgeoned their way to the top now on incredible spending but that has only come 10 and 20 years respectively after the prem started.
The key to success normally remains investment allied with top playing and managerial talent. Had the prem started in 83 and there was no European ban would we have 'missed' it? We'd probably be one of the biggest clubs in it now with numerous titles and commercial revenues off the back of this. Instead United had Ferguson and the class of 92 at the perfect moment with a board who saw the benefits of speculating to accumulate on the stability of Ferguson.
So I think we largely get a bad rap for the 90s, we brushed with relegation and was saved probably only by a bit of residual big club magic, but that is a date that bestowed every single other premier league club except 5 with more cash than everyone else.