I reckon it'll be Chelsea as champions again, Liverpool 2nd, Man U 3rd and Arsenal and Spurs fighting for 4th... possibly with Newcastle too (though they probably won't get their act together). Of course Arsenal, and Man U you would think will make 1 or 2 more signings, dunno about the other top teams.
But Arsenal don't seem to be doing that much to rectify the problems from last season, plus it seems we just might do the unthinkable and sell Cole to Chelsea, though that'd free up some money and we don't really need him. Seems Wenger wants a central defender who can fill in at left back and maybe a central midfielder (i guess that's the one other we might sign).
Hopefully Gallas will come the other way if we sell Cole, that'd soften the blow, but looks like another frustrating summer transfer wise, going off what Wenger's been saying and looks like we won't be in good shape for the Prem, though hopefully do well in the CL again.
Of course Cole would be another mercenary if he went there, so they might struggle slightly depending on how these star players settle in to the squad.