Yes, I prefer the Rays team-building philosophy over just throwing the most money at every superstar player there is. If the team is winning, fans will come (except for Rays fans for some reason.) The Red Sox started winning mid season, and Red Sox fans were back at Fenway in full force.
You can build a perennial contender without all those monster contracts. If it were up to me, I'd go almost all home grown, and fill in the holes with solid, 2nd tier players.