On the one hand I'm not too crushed because, considering the clubs involved, it's not a huge competition to begin with; plus it was cheapened even further after last year's Moscow capitulation. Also, I don't think we'd have gotten anywhere near the final, so why waste the time and effort.
On the other hand, it's hugely frustrating coming off such a great result @ Liverpool Monday, and given all the negativity the supporters really needed something to get excited about. As it stands now, unless we reach the final of one of the domestic cup competitions and/or finish in the top 5 (i.e., ahead of one of the big money clubs) the season is a disappointment and a step backwards.