I think the fact that the UK is still pressing on with the massive herd of white elephants that is the Typhoon is a legacy of the Cold War. It seems the problem of the time was that between 1992 and 2001, we didn't really have an enemy per se - no armies standing toe to toe flexing muscles.
Because of this doldrum, the UK kinda just pottered on with what it knew - big, modern armies involved in conventional then NBC (as it was then) warfare - having to destroy each other on a strategic as well as tactical level.
But now, it seems all we need to win the war are more chinnys than you can shake a stick at and the armoured brigades have yet to have a go in the Land of Sand. The fact we have a mass of tanks still in Germany, low-level 'supersonic' attack aircraft is the hangover of the cold war and we can't just trade everything in for snatch landrovers and support helicopters.
Labour have never really been one for defence spending. Nobody could have predicted the events of 11 Sep 2001 (unless you believe the conspiracy theories) and the way we would ned to go back to expeditionary warfare.
Personally, I think the UK should start thinking a bit more big picture rather than Afghanistan. We need to put more resources into maritime forces for the UK (more River Class perhaps and certainly more MRA4 aircraft!) and invest for expeditionary warfare and looking after the troops.
End of rant. I feel better!