I've been a huge advocate of the 4-2-3-1, but unless we get some outstanding wingers (which we won't), I'm really, really inclined towards the 4-4-2. Especially considering how injury prone Torres, Gerrard, and Aquilani are, think a 4-4-2 would make sense. Also given that our best young player (Nemeth and Pacheco) are suited to a tee to play the No. 7 role.
I'm not sure about Jovanovic, but if we could buy a proper second striker (hopefully with the funds from Mascherano), we'd be set. Wonder what Forlan would cost, at his age?