I like the Heskey/Rooney partnership but there is not much quality in back up if either is unavailable. Crouch, Owen, Bent or Cole don't exactly inspire confidence.
What they do have if major midfield scoring ability in Beckham, Lamps and Stevie, that makes up for the lack of an out and out Owen ten years ago or Lineker twenty years type striker.
I could concievably see them winning if they gel as a team and play up to their ability under the guidance of Capello.
Will they win ? I think not, and unless you can get + 1000/+1200 I see no value in taking a chance of them.
They will probably make it to the QF then lose (on penalties LOL) to a Brazil/Argentina/Italy/Germany type powerhouse.
Good luck.