Andy Pettitte is the cheapest source of 14 wins and 150 Ks around. He won't help your ERA or WHIP, but in an AL league, he won't kill them, either. A.J. Burnett has jaw-dropping stuff, makes batters miss and keeps the ball on the ground. But 97 walks in the AL East is too much for anyone to overcome. He's a poor man's Felix Hernandez, but in a worse park and with a worse defense behind him. I doubt I'll be owning Javy Vazquez - he's too sabermetric friendly and coming off a career year. No idea what to make of Phil Hughes as a possible starter. There's likely to be an innings limit, and his numbers as a reliever don't mean much.
There's not much to add about the Yanks silver-slugger worthy infield. They're not young, but last year saw zero signs of decline from anyone including Jorge Posada. Ditto for the greatest postseason pitcher of all time.
Brett Gardner is hard to value because he could be anything from a full-time starter who steals 45 bags to a reserve outfielder who steals 25 and doesn't hit for any power. Curtis Granderson was terrible against lefties last year, but he should do a lot of damage against righties in that park. Nick Johnson will be an interesting player if he can handle 400-450 at-bats. He'll score a lot of runs and maybe even hit 15-18 homers over the short porch.