Arkansas is not going to be good in 2008. KU, OU, Mizzou, Tech, and probably A&M will all be better than Arkansas. Maybe OSU as well.
There is a good chance that Arkansas could be starting true freshmen at almost all the skill positions, other than QB. And the QB will be Casey Dick. The Arkansas defense will be the worst its been in years. I can't begin to explain how bad the secondary is.
Strangely, as an Arkansas fan, I expect it to be a fun season with a lot of young players playing and a new system implemented, but not a good one. Making a bowl game would be a big positive.
The only way the above could change a little bit, is if Mallett somehow was granted eligibility, and that's about a .01% chance. And even if he does, he doesn't play defense.