Looking at this season, I think the Sox are in a good position to make a run at a 90 win season and will almost certainly be in position to make a run at a WC berth in late September.
Having a look at the three major facets of the game, they appear to be in decent to good shape.
SP - In the AL, very middle of the road. If things break right (Lester and Buch return to form, Doubie takes a big step forward, Dempster throws to a high 3ERA, and Lackey repeats 2010), then this is certainly a top 5 rotation in the AL. But if things go like they probably will (Lester and Buch mid 3 ERA, Doubront and Dempster low to mid 4s, Lackey 4.5-4.8), then this team has maybe the 7th or 8th best SP in the AL.
Bullpen - lights out. Best in the AL, and its really not close. And this isn't even assuming that Bard comes back and regains form. Hanrahan, Bailey, Taz, Uehara, Breslow, Miller, Morales, Aceves, Bard, Alex Wilson all make an insanely talented and deep bullpen. #1 bullpen in the AL, capable of posting a sub 3.00 combined ERA.
Offense - top 5. I see the Angels, Tigers and Jays as leading the pack. Then who? The Sox and Yanks are 4/5. The Rangers losing Nap and Hamilton lost a TON of offensive firepower. They still have Beltre and Cruz, but outside of them, there's a lot left to be desired. I think the Sox have a better lineup than the Yankees too, given Jeters surgery, losing Swisher and replacing him with an aging Ichiro, ARod going down, Youkilis is just awful anymore, especially outside of Fenway Park, no valid Catcher, and Granderson, while he hits a lot of HR, is a lot like Salty in that its pretty empty power.
So the Sox are around 7-8 for SP, 1 for BP, and 4 for Offense. Does that add up to a top 5 team? I certainly think so.
Which teams are better than the Sox this year? Jays, Angels, Tigers, and who else? After you get by those 3, it's just a big pile of teams that are all on the same level.