Lambert hasn't been a disaster, we're still in the Premier League, he did that two years running on a small budget. The transfer funds issue is not the most constraining issue he had to deal with, it was wage restraints which stopped us getting better players in on loan. Everton got Barry, we got Holt. Large wage differences between those two I imagine.
However, Lambert's tactics have been one-dimensional, too easy to work out, his man-management has been questionable (although we don't know who was actually making the decisions re: The Bomb Squad), his choice of Culverhouse & Karva turned out to be very flawed indeed and he collected less points this season than last with what, on paper, looks like a better squad.
So I'll put a question out there. Do you think the same squad would have done better, with less fuss, if we'd had Tony Pullis in charge, for instance?
IMO the answer is yes.