One thing that really encourages me about this team is its mental strength. I know we like to joke about that on here to take the piss out of Wenger but the way we've clawed back huge points deficits to usurp the scum two years running takes some bollocks, even though the scum can always be relied on to bottle things themselves anyway. That for me indicates that the right mentality to win things is there , but the quality is missing. As soon as we add that bit of quality, we'll be up there. We've got a solid backbone now unlike a few years back in Per, Kos and Chesney instead of Almunia, Gallas and Toure. We have a core of talented British lads with the oldest of them being 23 years old, and top class experienced internationals like Santi, Poldi, TV5, Arteta, Sagna, Rosicky, Monreal and even Diaby if he ever gets fit again. So the foundation is now in place, we need to bring a couple of world class players in their prime (striker and DM) to round it off.
Another positive point is also the increase of leaders in our team compared to years gone by, now we have Per, Kos, Arteta, Jack in addition to TV5, all of whom I'm sure most would be comfortable and even proud to see lead the team out. This is in sharp contrast to the days of Cesc or Gallas as captains and Almunia the vice captain.
To answer the thread question, I think as it is we'll finish 4th again but if we properly strengthen then anywhere between 3rd to 1st is possible.