Yes, they should make the playoffs. As I answered in another question, with the signing of Burnett and Sabathia, the Yankees have a solid rotation and, if their bats come through, that should be enough to get them deep into the playoffs. Over the last few years, the Yankees problems have not been at the plate, but on the mound. And, with their offense, the Yanks have not needed great pitching, but merely solid pitching to make a good run.
There are, though, unlike previous years, some questions on offense. They need, for instance, Xavier Nady to play more like he did in Pittsburgh (.330, 13 homers, 57 RBIs in 89 games and 327 at bats) than he did in New York (.268, 12 homers, 40 RBIs in 59 games and 228 at bats). They also need him to remain healthy. Last year was the most games he played in a season since he appeared in 130 games for the New York Mets and Pirates in 2006. Also, coming back from injury are Jorge Posada and Hideki Matsui. Matsui didn't miss a game during his first three years, but played only 93 games last year and 51 games in 2006. If he can play 143 games, like he did in 2007, he would be a major contributor.
Another major question mark is Nick Swisher. While he hit 24 homers last year, he batted only .219 and drove in 69 runs. Robinson Cano hit just .271 last year and needs to return to his 2006 form (.342) or 2007 form (.306). And, in the outfield, the Yankees will turn centerfield over to Brett Gardner, who has only 127 career at bats, which is two at bats more than the maximum a player can enter a season with and still qualify for Rookie of the Year.
If the majority of these questions can be answered, the Yankees offense should be good again. Johnny Damon and Derek Jeter should both have consistent years at the top of the order, setting the table for A Rod, who should have another excellent season.
Sabathia, Burnett and Wang are all excellent 2/3 starters, but none of these three really excites me about being the staff ace. Sabathia has never really lit up the league until last year. He is good for 15-to-20 wins and an ERA around 3.50 to 4.00. The staff ace should be good for 18-to-22 wins and an ERA around 3.00. So Sabathia is a good number two/three guy in the order, but is being asked to be the ace. Burnett had good numbers last year, but was only 39-36 in the previous six years. Over the last seven years, he has only two seasons of over 200+ innings. Again, a nice two/three guy in the rotation, but not a staff ace. Wang is a nice pitcher, but relies on control, striking out 4.02 batters per nine innings over his career. This needs to be in the 6/7 range for a staff ace who is a control pitcher. So, you have a collection of solid pitchers, but no aces, at the top of the order.
Hughes and Chamberlain both failed in their stints in the starting rotation last year, but should have less pressure on them at the bottom of the rotation. If they can live up to their potential -- and their potential is being an ace pitcher, a top of the rotation starter -- then this staff has a nice chance of being a very good pitching rotation. However, as noted, they both failed in their auditions last year and combined have about 25 starts. So, even if they do ok, look for some inconsistencies from them.
So, the Yankees staff is far from invincible, but should be solid at the top and workable at the bottom of the rotation. And, if the Yanks can answer their questions on offense, they don't need five aces in the rotation -- a solid staff could get them back to the World Series, understanding that anything can happen in a playoff series.