Its not really the fault of the big 4 per se (except maybe Chelsea as the big money chairman are a lot of what caused it), they only wanted to do well and were just in the right place at the right time so to speak. Its UEFA, the FA and BSkyB who are the culprits, causing all this prize money to create a huge gulf between the top 4 and the rest of the Prem and an even bigger gulf between the Prem and the FL. As you said its also caused the FA Cup to become completely cheapened.
The creation of the Premier League and the Champions League have just caused financial havoc on the domestic game and caused any club who isnt the now big 4 to give up on dreams altogether unless you get a big money chairman like ManCity and buy your way in, but its near on impossible to break into the top 4 otherwise, let alone win the title with a small club in the way Forest, Ipswich or Liverpool first did under Clough, Alf Ramsey and Shankley by good management rather than by money.
But i dont think it can last that long, i mean you cant be in the amount of debt Liverpool, ManU, Chelski and Arsenal all are with out the bubble bursting eventually, and its at least good that people are at least noticing and thinking up ideas to redress the balance, albeit ones that would clearly make the situation worse.
The recession and the weak pound against the euro might actually end up doing English football a lot of good in this sense as well.
