Two of QPR's new signings scored goals that rocked O'Neill's side on Saturday.
Martin O'Neill: "I think QPR have decided to really go for it.
"They spent heavily in the January window because they still felt there was a chance of staying in the Premier League.
"It is entirely their prerogative to do that and time will tell if it works.
"What they have done with those additions is they have given themselves an immeasurably better chance of staying up.
"They will feel they are within touching distance and it is all to play for.
"I can't run other people's affairs.
"You can talk about Arsenal who are one of the best-run clubs in the business yet their fans are asking for more players to come in so they can start winning trophies again, so it's kind of a catch-22.
"They've got a very big squad from which to choose.
"They will not be short of numbers, and in terms of quality you would think that side in normal seasons would certainly be capable of being comfortably in the top 10, if not actually challenging."