I like Walcott and he would offer us another goal threat but I just don't think by and large, that signing injury-prone rejects in his age bracket even if it is relatively cheap, is the way forward for us at all. So no thanks.
IMO we simply have to concentrate by and large on a model of signing the better/best of players in a younger age bracket, in conjunction with players coming through the junior teams, so they can either blossom with us and/or be sold later at a healthy profit.
There will be exceptions always, and you have to have a flexible policy, but I don't see Walcott as being worthy enough of making an exception for.