Funny you say that, when Madrid has always had very strong team identities where many, many players have made their career. Of course, people rather look at what Florentino did with the team and hate it, but eventhough Calderon is a moron when he opens his mouth, he, along with everyone in the club, is trying to build a very young core that can be established as a strong, competitive team for many years to come.
Yes, sacking Capello was the dumbest mistake ever, but just take a look at the young core:
Casillas
Ramos
Diarra
Robinho
Marcelo
Gago
Higuain
Pepe
Torres
Saviola
Drenthe
Robben(most probably)
25/26 years old max.
The team still is in a rebuilding proccess, because eventhough they're the champs, the team still had glaring limitations. As for the youth system, that was pretty much forgotten during the Florentino era and was in shambles for a while. Now, it's gaining strength with the young spanish internationals like Bueno and Granero, coupled with a few prospects that have been signed from other countries. So, slowly, but surely, it's looking up.