While the competition does look a little stronger this year, I would argue that if lighting does strike twice (which they are clearly counting on) and this team does get healthy just in time for the playoffs, then this team is significantly better than last years.
While we certainly miss Perkins, a big rotation of Shaq/JO/Krstic is at least as strong as Perkins/Sheed/Williams, and could even be stronger, depending on how Shaq and JO look. And the backcourt depth is not even comparable. West/Green/Arroyo is miles ahead of Allen/Daniels (who looked horrible after his wrist injury)/Nate.
Again, none of this matters, if they don't get healthy, and things don't click again. But I just don't think the differences are there.