There are massive pro's and cons for not being in any European comps, pros being as already stated above.
As season out of Europe with the right manager could do us the world of good, it helped massively with HR but he inherited a squad that was already strong but broken under Ramos and quickly got them performing again, whoever leads us next season has a massive job on their hands.
An obvious downside not being in Europe is when it comes to keeping the players we need to retain and attracting the quality we need to develop again, considering we are not paying mega wages what player would want to come to a club that is in visible decline? If you compare this season to recent seasons past not to mention more hidings from leading teams in a single season which must be some sort of a record playing for Spurs is not really an attraction right now. The answer is unfortunately only those who no one else wants, those in the twilight of their career looking for a few quid or those looking for a stepping stone which we have been used for all too many times in the past.
With Liverpool re-emerging, the super rich clubs such as Chelsea and Man City, the clubs who have prestige and reputation for achieving such as Man Utd and Ars*nal, then Everton a consistent top side now progressing nicely where does it leave us, heading up the chasing pack at best I fear this season has put us back 10 years plus and it may be some time before we see any European football again.
Its never dull being a Spurs supporter but it is so bloody frustrating!