I think that after the signings we've made over the summer (with possibly Coloccini also to come), we should be aiming for 3rd place in the league this season. The new players will take a while to settle in to English football, and at the moment we are lacking depth in quite a few positions, so I don't expect us to be still competing with Arsenal or Chelsea in April and May, but I think we can overhaul Man Utd this season.
And next year, if we get another 3 or 4 good signings, and Alonso, Cisse, Garcia and Josemi have a years experience in the Premiership behind them, we could just end 16 years of hurt...