With the squad we've got, I reckon we can still challenge at the top end of the league BUT Houllier is a big risk by Randy. Curbs would be a much safer appointment, but far less interesting!
If Houllier can get off to a good start, perhaps a scalp against Spurs (away) or Chelsea (home), then I reckon the fans will get behind him and we could see knock on effects in the January transfer window where I expect we'll have to strengthen.
The media talk about a player revolt is off the mark IMO - Carew has said he thinks Houllier is a good manager, and Warnock had a problem with Benitez, not GH, when he was at Liverpool.