What stands out to me is that we actually have very competetent first 11. Buffon, Biri, Thuram, Canna, Zambrotta, Blasi, Olivera, Nedved, Emerson, Trezegeut and Del Piero (The team I would personally start) is a fine group of players. However, there is genuine lack of depth in the team and I think one or two injuries at the back could serious hurt us in the race for Scuddetto. Nonetheless, our depth may not be that lacking as we might think: There are many players who may regain their form.
I think it is reasonable to expect better performances from Tudor, Legro, Appiah and Tach this year. Also Kapo can contribute to this team as a midfielder and striker. And our old dogs may have left one more life in them to contribute for 10-15games IMO.
So the issue for me is how Capello will rotate this team, so that we can keep our starters fresh and get the best of some of our underperfoming old players.
There are flaws in our team, but I think it is reasonable to expect much improved performance from our team this year.