This situation is solely the fault of Arsene Wenger. He has consistently failed to strengthen the squad, and a 23 year old is being asked to carry it. I'm quite sure that if Wenger managed the situation better, Cesc would not have his heart set on a move back home at this still early point in his career.
At the same time, you have to wonder about the ethics of what Barca are doing. Between themselves and Real, a monopoly seems to be forming on the best players in the world. People like to see Barca as the good guys to Madrid's evil empire, but their reaction to Real's renewed galactico policy has been to begin throwing equally obscene money around.
Last summer, there was the ridiculous deal for Zlatan. They already seem to be effectively replacing him, with the deal for David Villa just concluded. And now they chase Fabregas, when they already have Xavi and Iniesta to pull the strings in midfield. One would have thought the thing for them to do would be wait until Xavi is ready to step aside a little, and then make their move for Fabregas, meanwhile perhaps saving that money to spend on their ridiculous defence. Still, you get know-nothing arseholes on Revista de la Liga, suggesting that they just play Iniesta, Xavi and Cesc across the midfield and three strikers in front. Do these people even understand football? Admittedly, it is possible that Iniesta will move into a front three with Messi and Villa, but I don't think that's his best position. And what does that do to Pedro, who's just had an amazing season?
It just seems Barca are being a bit greedy.
As for Fabregas, you can't really blame him for wanting to go now as the manager has turned into either a devious bullshitter who wants the boy to piss away most of his career being "patient" and playing with morons, or simply a delusional mad man. My thoughts on the matter had been that Fabregas would stay because he knew he could not yet dislodge Xavi as the main man, but it seems the realisation that Arsenal are going nowhere in the immediate future has been enough to send him home. Well done Arsene, and good luck Cesc.