I agree with your assessment. It always surprises me how people so often ignore reason because you're a Yankees fan.
It will be tough for the Red Sox to compete, but that being said, look at how much the Red Sox dump in salary. Not only do they dump 60 million per year, they also lose about 40 million more deadweight on top of that in Dicek, Jenks, Youk, and 15 million more is going to Ortiz.
They could actually sign Hamilton, Greinke, and Napoli, and potentially still be under the luxury tax. Not really a great idea, but that also means they could sign good-great impact players on 10/1 deals. Look at how big an impact Kuroda has had on the Yankees. Jackson, Ross, Scutaro, etc etc. As long as they don't turtle, they'll have significant room to operate.