I think our defence looks ok. Ashley Cole is obviously superb and I really rate Cahill. Personally I'd start Lescott ahead of Terry but so long as he stays fit and behaves himself, he does work well with Cahill and is greatly helped by Parker sitting just behind the midfield. I still don't like Glenn Johnson. A strong winger will tear him apart. He's fine when we're chasing a game but I don't trust him if we're trying to defend a lead. I think we still really miss Gary Neville in that position.
Our forwards will always score if given the chance but the problem, as you say, is our midfield. Gerrard's not the player he was and Milner's decent but not one to turn a game around. I still have a soft spot for Wallcot but he's obviously not a player you can rely on, and Oxlade Chamberlain seems another tournament away from showing his real potential. Young does go missing and makes mistakes but (as we saw today) he's always capable of doing something out of the blue, making him probably our most dangerous midfielder at the moment. But I think the midfield will generally struggle to create chances and likely get heavily overrun by the better teams. Our best bet may be with set-pieces. We have a fair bit of height and Terry, Cahill, Carroll, etc are always dangerous when it comes to corners.