With the players England have they should be favourites for winning a tournament, especially with the draws and locations involved recently. It's fair to feel England should and could have done better and capitulated against teams we could have potentially beat.
Past performance isn't the defining factor of current performance, if it was then recent league winners would be very different. Just look at the recent fortunes of Utd now being awful, or Liverpool winning after waiting decades.
I also think Villa have a chance at winning something in the next couple of seasons. We've been to various semi's and finals in the cups in the last 20 years and if past performance is a factor then that would suggest we have a chance. Also, some teams worse then us have won cups recently. Even Birmingham won one.
However, the main reason I think we have a chance is the development and growth of the club. The league is likely some ways off but a cup win is possible.