I personally think it will still be a top two with Pool a bit closer, Arsenal have some serious work to do before August 11th to get back into title challenge mode.
What I will say though is that many teams bought well this summer, Spurs and Newcastle, Villa look ok, Bolton should be strong, likewise Everton. The bottom line is that I feel that it will be a lower points total that wins the league, can see the top sides dropping more points this year than last, the mid-table will be just as tight as before.
Newcastle have done well to get Big Sam but he has a few years ahead of him there clearing out the poor players and even poorer attitude at that club, I think they'll be top half but no better. Spurs are far more likely to push Arsenal for 4th, if they get Curtis Davies and keep Defoe, they will have a strong squad (possibly stronger than Arsenal)