Valverde is a good coach, he did impressive work with Espanyol, getting them to a UEFA cup final and only losing on penalties. He was very successful in Greece with Olimpiacos. His work at Bilbao was also decent, he got them into the champions league. So for Cruyff to make those statements in 2012 was fair based on what he had achieved in management to that point.
Valverde apologists will do anything to make him look good, even twist Cruyff's words or quote him out of context. This is what he exactly said before the quote posted above: "His work is more than excellent. If you watch Espanyol play it's good to watch I'm very happy there are people like him and Rijkaard who are trying to play in a way people can enjoy, because that's what football's for"
Cruyff doesn't really care if he got them to UEFA Cup final, he praised the way Espanyol team reached that final. Knowing this, what would you think Cruyff's opinion with the way Barcelona plays under Valverde today? And before you guess it, this is what he said about Mourinho's football (After Clasico):
"This game confirmed that Jose Mourinho is a negative coach. He only cares about the result and doesn't care much for good football."
And when Mourinho was at Chelsea, this is what Cruyff said about him:
"a pragmatic coach who fails in his duty to entertain. I could teach him how to play very well, just like at Ajax in the 70s or Barcelona in the 90s. Between spectacular, controlled football, which I defend and will always defend, and results-based football there is a world of difference," "An inadequate team has to try to defend as it can, but a great team, with great players, always has to give something more. What's more, it has to for the good of football.
I'm sure if Cruyff is alive today, he will be very disapointed with Valverde.