Given the quality of our squad it will be real failure if we don't win, at least, one trophy this season. We should be beating Sunderland to take the Capital One Cup as an absolute minimum. As for the other competitions:-
The FA Cup is a 50/50 call, if we get through the Chelsea match then I'd say that puts us as favourites to win the competition. However, aside form the game being an away match, it's about as hard as we could have imagined. Chelsea, and Mourinho, are the side best placed to deal with what we have to offer, and with Nasri, Aguero and Fernandinho all likely to still be missing, we won't be facing them with anythign like our strongest lineup.
The league is, in my opinion, between us and Chelsea. Yes Arsenal are currently top of the league, but I just can't see them lasting the distance, and I think they'll fall away over the next couple of months. Our fate will be sealed by how we fair in our tough away matches. United, Arsenal, Liverpool and Everton all away will be where the title is won and lost.
As for the Champion's League, I think we need to be realistic. This is the first time we have ever reached this stage of the competition, and we've drawn a team with experience and talent to burn. We'll do very well to make it past Barcelona, and even then we've still got a host of tough opponents we could face. If we make it past Barca then it's all down to luck of the draw. We could end up with United or Arsenal, Dortmund or PSG in the next round, which whilst tough, I would view as winnable. Chelsea too for that matter. However I think this is at least a season too soon for us to win this trophy.
So, at least 1 trophy, and I'd really like 2. 3 would be a long shot, but would mark a fantastic achievement. 4 is a pipe dream really.