Offense:
Losing a bat like Godzilla's hurts. He was a veteran presence; a patient, situational hitter who really stepped up with men on and in clutch situations. That said Granderson is one helluva talent who should really excel as he moves into the heart of that lineup. He'll need to make more consistent contact, but he'll give them speed on the basepaths and--more importantly--will greatly improve their outfield defensively. I think in the end, swapping Hideki, Damon, and Melky for Granderson, Johnson, and Winn will just about even out.
The question won't be with the new guys, but whether or not the old ones can repeat their stellar seasons. Posada, at 38, is going to find it nearly impossible to repeat anything like his .285-22-88 pace--and in just 380 ABs! Jeter reached into the bag to pull out one more great season after slowing in '07 and '08, but can he do it again? How much does he have left? He'll be 36 in midseason..... If Arod or Teixeira are forced to miss any time, the lineup could really struggle.
Essentially though the offense is about the same. The Yanks'll still rake. There are a few more questions, but if Granderson can step up and Johnson can stay healthy DHing, the bats should be fine. The defense, in any case, is improved.
Pitching:
Adding a horse like Vazquez is huge. His numbers will swell a bit, stepping from the NL East to the AL, but that won't really change the fact that he's a great pitcher who'll give the Yankees another solid, dependable arm to trot out alongside Sabathia and Burnett.
What they really need is for one of either Joba or Hughes to step up. They're at the point now that they should be ready to contribute and log big innings for the rotation. In any case, adding Javier Vazquez certainly improves their rotation. I expect Joba to be better too, giving them one more valuable arm. The bullpen still needs work---god forbid something should happen to Rivera---but on the whole the pitching is improved.
I'd rate the offense about the same as last year, if they can stay healthy, and the arms have seen a serious upgrade. The defense, with Granderson replacing Damon, should be improved as well.
Sincerely,
A Rays Fan