The Blue Jays have made the flashy moves, the Rays have stayed their course and perhaps gotten weaker, the Red Sox have retooled a bit, but the Yankees (and Orioles) have largely been dormant this offseason.
It wouldn't surprise many people for the Orioles to revert back to a 75-80 win team in '13, but I do think people would be somewhat surprised if the Yankees missed the playoffs.
They've been able to buck a lot of trends in regards to age and the ability to absorb and write off sunk costs, but they're getting older and have to deal with the injuries that come with that while trying to clash payroll. They lost Swisher & Wilson, and will lose A-Rod for most or all of 2013.
Their pitching is still solid. Sabbathia, Kuroda, Hughes, Pettitte and Phelps is a good rotation but Pettitte and Kuroda are 41 and 38. They lost Soriano, but will get back Rivera. Their bullpen was also good.
I'm sure they'll make a move or two before the offseason is over and grab some headlines but overall I see a Yankees team that has a realistic chance of missing the playoffs in 2013.