The Bulls are the team to beat. Stopping LeBron James when he has a second scorer like Amare Stoudemire on his team (very good trade to get Amare) will be extremely difficult. Not wild about Emeka Okafor here but he'll be okay.
This team should have no problem filling out the final two positions. The PG position is very deep and full of talent and the Bulls can choose a player from either wing spot to play alongside LeBron as their two guard.
Chicago are the frontrunner to win the league.
Since you didn't GM last year Who I'm cutting you some slack, but folks should be real careful about their Lebron love ---- the ex-Orlando GMs can always go back and find your "reasons" they couldn't win even the East last year.

(People were apoplectic over our Lebron-M.Gasol-Okafor first 3 picks, but Lebron-Amare-Okafor is the leader in the clubhouse?!?)
As I say every year, I think its too early to make judgements on teams b/c they're all still incomplete --- even MIL. Last year there were teams w/ good starting 5's and absolutely NO bench. And those benches were important as everyone started looking back on teams this year --- injuries, poor performance, etc. We all fell victim to to some degree.
We're building TEAMS not just starting units.
/rant