First, lets state the obvious. Their starting pitching is still as good as it gets. Some may say that Roy Halliday and Cliff Lee are a year older, but the bottom line is they are both coming off very good seasons. Halliday was 19-6, 2.35 ERA with 220 Ks in 233 2/3 IP and a 1.04 WHIP. Lee was 17-8, 2.40 ERA with 238 Ks in 232 2/3 and a 1.027 WHIP. They will be as advertised. Cole Hamels should be at the top of his game as he is pending free agent after the 2012 season. Vance Worley and Joe Blanton will be better 4 and 5 starters than most teams will bring to the table.
While starting pitching should not be a concern for the Phillies, they lack depth both in their lineup and in the bullpen. Ryan Howard's injury is going to leave them without the depth they have had in years. Add in the pending loss of free agent OF Raul Ibanez, the lineup should be weaker. Hunter Pence is the only sure thing, as he becomes their best offensive player. Shane Victorino is good in centerfield and Carlos Ruiz should stand out behind the plate. There is reason to believe that 2B Chase Utley should be fully recovered from his hip problem, but there is no certainty. Placido Polanco is coming off a down season, and it will be difficult to expect him to pick up some of the slack the offense is missing. Jimmy Rollins has his new contract, but has not had a huge season in years. Ibanez was criticized during his time in Philadelphia, but the combination of John Mayberry and Laynce Nix will not produce the same power numbers. They have to be hopeful that free agents Ty Wigginton and Jim Thome can hold down the fort until Howard can return.
Jonathan Papelbon was a solid acquisition for the Phillies, but that came at the expense of Ryan Madson and Brad Lidge. Hopes are that Jose Contrereas can rebound after missing most of last season due to injury. Antonio Bastardo pitched well for them last year, but struggled down the stretch. Michael Stutes will have to see an increased role in the bullpen. Though Papelbon makes them stronger in the back end of games, they will need to get through the seventh and eighth innings. Perhaps they can with their starters, but not all season.
Overall I think the Phillies have to still be the NL East favorites until they are knocked off. Don't know if it will happen this year, but the division is expected to be as competitive as it has been in several years.