Yeah I agree, it's definitely not a poor league at all, like you say it's very competitive with more strength in depth. The promoted sides have spent a fortune and none of them will be anywhere near relegation.
Ipswich look like they are coming on strong now. It's good that the other 2 parachute sides have got their own struggles this season (Leicester potential points deduction, Southampton change of manager). Them factors have helped make it a bit more of an even playing field than in previous years where the parachute sides have ran away with it.