Song is all but gone and I don't think any of Arsenal's new signings are good enough to elevate them any further than 3rd or 4th this year. Chelsea's squad has tons of potential but also a lot of uncertainty. Remember, this is the real beginning of the rebuilding process that was put off last season in order to compete for trophies.
As for Liverpool, I think the best they can hope for is just to finish above Everton this year. They probably won't get Dempsey because of a lack of funds, which sucks. I feel bad for the guy actually; Fulham are going to try to get as big a fee as they can out of him because of how old he is and the length of time he's been with the club, but I don't think he really has the rep across Europe to command a $20 million + transfer fee (partly due to being American and partly due to having only played for Fulham).