Let's not get carried away. Our first XI is good, the defence is shaky but the rest is decent enough to compensate. The starting XI is top 4 quality, imho. But we have no squad depth bar fullbacks. Front three is irreplaceable, midfield has a midtable-level or youth backup. We need another decent CAM/CM badly. We need another CB even more, but I accepted the fact we don't get one already. VvD is not going anywhere and we're too stubborn to look for alternatives.
The only other positive I have is that we're actually fine so far without last season's starters Coutinho, Lallana and Clyne.