Well, its too early to say if Valencia can mount a sustained challenge for the title, but i reckon they should be up and around the top 4-5 this season, slugging it out with Sevilla, Villareal and A. Madrid for the Champions League slots.
The main problem last season for Valencia, IMHO, was the sacking of their coach Quique Sanchez Flores midway thru the season, who at that pt was doing quite well, and replacing him with Ronald Koeman and Soler. From being just 4 pts adrift of Real Madrid at the pt of the sacking, Valencia ended up getting involved in a relegation dogfight, finishing 34 pts behind Real Madrid.
Koeman just did not bring the right ideas, system of play to Valencia, also his signings did not give much excitement. The banning of Valencia's 3 regulars in Canizares, Albelda and Angulo was even more ridiculous. Those who follow football should immediately register these 3 players' names with Valencia football club, shows u how recognised these 3 important players are at the Los Ches. With the appointment of the new coach, Emery Unai, who did a splendid job at Almeria last season, i hope to see a revival for Valencia. The La Liga needs this. The days where we had Valencia, Barcelona, Real Madrid challenging for the title can hopefully make a comeback. Makes the league soo much more entertaining.
Anyway, all in all, i expect to see a nice season of football ahead in the La Liga this season.
Barcelona seems to have recovered their hunger under one of the favourite sons, Pepe Guardiola, and will pose a stiff challenge to Real Madrid. Squad wise not much eye catching transfers, but the original squad were good enough, just that they seemed to lack the passion under Raijkaard.
Real did not make much signings, with Van Der Vaart probably being the only noticeable one, and hopefully they settle the Robinho affair fast. I feel even without Robinho, they are still a solid enough outfit. Under Schuster, gone are the days where they try to outscore their opponents. Now u see a much more controlled football team.
Villareal did amazing last season, and for this new season, they have strengthened their squad with a few signings, and more importantly, did not release many players. However, with the added pressure following such a good last season, and also the added exertions of the Champions League, it remains to be seen whether they can repeat another season such as the last. Not to take anything away from their success last season, but with Barcelona and Valencia fading away, it certainly helped Villareal in their climb up to 2nd in the table.
Sevilla and A. Madrid will be thereabouts this season, but they still lack that little bit extra to win the league. Maybe its quality, or experience lacking. But it will be an exciting fight for the Champions League spots.