The good: OFs Adam Jones and Nick Markakis lead what is a very solid lineup. Jones made the All-Star team last season, hitting for an average of .277. Markakis hit only 18 HR, but drove in 101 RBI, which is a somewhat remarkable feat for a hitter.
One of the best young players in baseball is C Matt Wieters. He hit for a good average last year for a rookie (.288). It'll take him a couple more years to start hitting for power (think Joe Mauer), but he has an outstanding future.
3B Miguel Tejada is back. He played well last year in Houston, hitting .313 for the team, and played in 158 games.
The Bad: Like many of the teams I've listed, the Orioles have struggled with their rotation. They added Kevin Millwood (who had 3.67 ERA last year), but last year may have been a fluke.
Jeremy Guthrie did little to inspire confidence, pitching a 5+ ERA. The other three guys (Brian Matusz, Chris Tillman, and Brad Bergesen) don't have much experience starting.
SS Cesar Izturis did not play especially well last year, hitting .256. Neither did Garret Atkins (with Colorado), who hit only .226.
Mike Gonzalez will close for the team to start the season, but I'm not sure he will be there for long. They don't have a good closing candidate, since they traded George Sherill to the Dodgers.