I think that if O'Neill is anything, he is a realist. He is not someone who has any delusions of grandeur and so, as PB says, I doubt he is out their wondering why Steven Gerrard is not returning his calls.
Indeed, O'Neill's first crop of players brought to Villa showed his pragmatism - Sutton, Agathe, Petrov - all players he knew, trusted and was aware of what they could/could not do.
The point about players being cheaper in January if their contracts expire in the summer is a moot one too - at some clubs (witness Distin at Man City) they are willing to risk a player running their contract out and play them for the entire season rather than lose them in January.
The worry about time running short is a real one, and is affecting all teams - we have seen very little movement so far anywhere. I expect a frenzy towards the end..