The only reliable starter is CC Sabathia. A.J. Burnett and Javier Vasquez don't belong on a championship-calibre team. Phil Hughes isn't convincing, despite his 17 wins. The bullpen reminds me of a rowboat in a hurricane. Even Mariano has become a question mark.
Given the evident dearth of outstanding young players, the end of the present dynasty seems to be in sight -- or perhaps visible in the rear-view mirror. The 2009 World Series may have marked the end of Yankees Dynasty III.
Dynasty I lasted from 1921, the year of the Yankees' first AL championship, to 1964, the year of their 29th AL championship. There were some "down" years sprinkled throughout the period -- most notably, 1925, the year of the Babe's big stomach ache, when the Yankees finished seventh in the days of the eight-team league. But the Yankees never went more than four seasons without a pennant, and finished below third (in eight- and ten-team leagues) only twice. Overall record in 44 seasons: 29 league championships and 20 World Series championships.
Dynasty II lasted only six seasons: 1976-1981. The Yankees led their division in four of those years, and wound up with the AL crown in 1981, despite an overall fourth-place finish, thanks to the split season (due to a players' strike) and a post-season playoff to determine the division winner. Overall record in six seasons: 5 division championships, 4 league championships, and 2 World Series championships.
Dynasty III (on the current evidence) lasted 16 seasons: 1994-2009. Overall record: 14 appearances in post-season play, 12 division championships, 7 league championships, and 5 World Series championships. (Don't forget that in 1994 the Yankees had no opportunity to compete for a league or World Series championship because a players' strike wiped out post-season play.) That's a lot better than Dynasty II and a lot worse than Dynasty I.
In the following graph, the black line indicates the Yankees' finishes in the American League (1901-1968) or Eastern Division of the AL (1969-2009). The red, horizontal bars indicate the number of teams in the league or division, for each season. The blue shading highlights the years of the Yankees' dynasties, to date.