As a Wolves fan who's posted on here a few times in the past can I try and be objective and summarise a few things I believe.
Both of us had poor defences last year and from a Wolves point of view Johnson is a great signing and can hopefully stabilise younger players like Berra and Stearman. I still think we are a good defender short of being solid. As for Albion Foster is a great improvement on Carson but I'm not sure McCauley or Jones will improve on what you had before. So I think we are both better at the back than last year but I suspect you too would like one more good defender. Dawson may be it but its a big ask to jump 2 divisions and perform week in week out. Hopefully he does as its good to see young English lads coming through.
As for midfield you have an abundance of good players and most teams below the top 6 would take Brunt, Dorrans and Mulumbu in a heartbeat. Thomas is decent from what I've seen and you have decent if unspectacular back-up like Morrison. O'hara aside I think we are weak in the centre if we have to rely on Henry every week and I'm still hopeful someone will come in before the end of August. Out wide Jarvis and Hunt are good hard working players, Hamill is potentially a very good young player and Kightly is still unknown at this level because of injury. If he can get back what he had then he will be some player but its a big if.
As for strikers we have two excellent players in Fletcher and Doyle, SEB is decent as a third choice and Ward an intelligent player who's had to adapt this game to play anyhwere Mick wants. Its the area of the pitch I least worry about for us. No-one can deny Odemwingie had a fantastic season, the question is can he do it again when he's more widely known. However he has pace and great ability and at any level that's a big asset. Long is a gamble in a way as any striker coming out of the championship is an unknown quantity. SEB scored 50 goals in 2 seasons but still struggled but then players like DJ Campbell did much better than expected so again who knows? I don't know much about the back-up behind those two but from the times I've seen them Cox looks decent but I don't rate Fortune or Bednar. So if by any chance Odemwingie struggles and Long doesn't adapt you will be relying on goals from the midfield though you've got good goalscorers there, including Thcoyi (spelling?).
For what its worth I think we will both be safe as we've improved and teams coming up seem weaker. I don't place too much emphasis on last years placing as Birmingham finished 9th the year before and couldn't kick on. Having stayed up 2 years ago a few injuries and the "dirty Wolves" tag derailed us and it took a long time to recover and we were always playing catch-up so although a cliche "second season syndome" is something to watch out for. In Hodgson I suspect you have the perfect manager to deal with that.
All in all I think we will both be ok. We are both proper clubs who live within our means and buck the trend of clubs who splash cash and want instant success and for that reason I have a respect for the Baggies as a club.
Sorry for the length of this post....good luck.