I reckon, they might be able to pull off 2nd at best.
Lampard seems guarenteed a first team place in mid-field... and they retain their Center-backs (ie. Gallas, Terry, Desailly) ... and their keeper Cudicini. Petit is injuried, I think. C Cole was improving but now shipped off to Carlton for bench-warming there.
Although, their inability to score is a real problem considering the number of opportunities. But I think, they'll gel well over the season.
I'm actually surprised their on-par with Arsenal and Man Utd, atm. 6 pts apiece.
Only Newcastle will pose a threat in terms of EPL positioning, considering Liverpool can almost be discounted and Rovers are nowhere in sight (the loss of Dunn and Duff showing - you can't replace them both with an Emerton).
Arsenal might collapse near the end, and defensively are still questionable.