Portsmouth w/o the big 4 is currently a huge price at 7/1 (in fact up until a couple of days ago they were 9/1). At first I thought they might struggle to deal with Europe and the league, but the more I think about it the more well set they are. Their defence was very solid last season and with Defoe/Crouch that should yield a consistent supply of goals and classy midfield talent like Kranjcar and Diarra - it's definitely a play worth making.
When you consider Spurs are 7/4 currently and may lose Berbatov and/or Keane, then it's a no brainer to back Portsmouth at 7/1. Villa and Man.City are also both shorter than Portsmouth and that makes little sense to me when you look at the respective squads.
I'm going to put Portsmouth in a patent with Valencia @ 6/1 (w/o Real & Barca) & Birmingham to win the Championship @ 6/1.
Gotta agree with you in terms of them forming and good team, but in terms of them finishing 5th there's noway, i think Everton, Tottenham, City and Villa have a much better chance.