He'd do well for a mid table team, but compare him to Suarez, Aguero, Rooney, Negredo, RVP, Sturridge, Crouch, I would choose all of them over him
I actually think Giroud is kinda underrated (in the sense that he's better than "shit" but still probably not as good as I'll make him out to be here). His hold-up play is genuinely really, really good. He can control lobbed passes and win knock-down headers as good as anyone in the league, and his close control and short-passing is far better than, say, an Andy Carroll who might excel at the former quality.
I definitely agree with Wenger that a target man like him up front is better in the long run. I think he creates opportunities that don't necessarily translate to the type people can look up on Wikipedia (i.e a knock-down to Ozil who plays in Walcott won't get him an assist, but it was just as important a contribution). The type of play that you have to watch whole games of to really appreciate while not really lending itself well to MotD highlights.
I think it might have been Shanks who said he's more of an instinctive finisher. I'd agree with that. I'm certainly not confident when he's running in one-on-one with the keeper, but then Arsenal aren't really a counter-attacking team so I don't think that should hurt him too much (i.e teams tend to sick back when they play Arsenal so they often have a lot of time to build up play around the box. Most of the chances they create will be from crosses from the right side or quick, one-touch play between the three attacking midfielders that will end with Giroud having to only apply a one or two-touch finish). I agree he hasn't been at his best in the last month or so though.
He's also mighty handsome.