TBH I think Liverpool would have loved to get Tevez and Barry. Your squad looks a bit thin up front especially since you got rid of Robbie Keane.
If you can get at least 40 games out of Gerrard and Torres then you will be challenging on all fronts, but you are vulnerable if they get hit by lengthy injuries to those two (I know it's a cliche and you've heard it hundreds of times before).
As for Us, I think we'll be dangerous next season, especially as we have no European commitments, we have a strong squad and great players sitting on the bench waiting to make an impact.
We haven't won anything yet though, buying players is the easy part (well, it is for us anyway)!