Fergie believes the summer investment in Hargreaves, Nani, Anderson and Carlos Tevez, added to the title-winning squad of last season, has created the most powerful outfit he's ever built in 21 years at Old Trafford.
England midfielder Hargreaves missed out on joining the successful bid for Ferguson's ninth crown last term as his move from Bayern Munich was blocked for 12 months by the Germans.
But the 26-year-old's arrival has added engine room security to United and is impressed with the Reds' all round adaptability.
"We can play any way," says Owen.
"We can go all out on the attack and play on the counter-attack. That was what our second goal against Blackburn was all about.
Great
"It was a great ball from Louis Saha to open things up. Carlos came around the back, and Cristiano Ronaldo finished it. It was a great goal all round.
"Everyone is looking good, from the back four, midfield and up front. We look quite confident. We defend as a unit and work as a group.
"The balance is definitely there. We can play any way because there are a lot of options.
"People won't get to play as many games as they would probably get somewhere else. But there is a bigger picture. It is not about one individual. We all understand that.
Special
"The feeling in the dressing room is very special. Everyone is pulling for everyone else to be successful. The boss is doing a good job."
Wes Brown is coming up to a decade of senior service with United since making his debut in 1998 and was involved in the Treble winning squad. The defender, who is currently deputising at right back for captain Gary Neville, agrees that United's current power ranks among the best he's been involved in.
"It is definitely up there," he said. "The senior players are doing excellent and the new lads coming in are all showing what they can do.
"That is what the gaffer wanted and he is getting it. But it is difficult for the manager."
The strength in depth has meant the youngsters knocking at the door like Danny Simpson, Gerard Pique and Jonny Evans have had limited opportunities.
But Brown believes the new breed understand that patience is the key.
"I am sure players will delighted to play the games they have been," he said.
"I am sure they understand they are just coming into the team and they are the future but at this moment the manager knows what he wants. He can see this squad going forward."
What is your first choice United side? Have your say.
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Frank Old Trafford (13/11/2007 at 10:08)
Ha Ha, treacherous Glazerite I hear you scream. Well go ahead and scream because deep down you that we wouldn't have this squad with the plc, they'd be too busy filling shareholders pockets with the ill gotten gains from ticket price rises.
Is it a mere coincidence that for the first time that we have a world class squad is now in the Glazer era? Make up your own minds.
Owen is going to be a great player for us, he may not be the most gifted but I suspect he is the most football savvy. If you watch him he's always watching; the flow of the game the position of his team-mates, where he can be most effective, etc. Very impressive.