Please, PLEASE, continue this pattern of thought throughout the season. I am thoroughly enjoying the underestimation the Yanks are enjoying at the hand of Red Sox Nation. And I just have to wonder if at the onset of last season Mike Lupica was offering the advice to young Clay Buckholz or Dustin Pedoira that they'd "better be good". It's amazing that after having delivered the Yankees to the most humiliating upset in sports history, that four years later you're STILL preoccupied with the Yankees. And just a reminder, it's 26 to 7 now... you've still got some catching up to do!

Jeremy,
I would say both teams and their fans are preoccupied with each other. Why do you think there was so much made of the Santana deal? While neither team was willing to give up too much, neither wanted Santana to go to the other team.
Yankees fans also keep an eye on the Red Sox (it's why the New York papers sometimes staff Red Sox games, even when they are not playing the Yankees).
Yes, there was pressure on Pedroia at the start of last year (not on Buchholz since he was in Double-A), and Pedroia struggled in the beginning. But you can hide a struggling second-baseman in a deep lineup. Hiding two starting pitchers is more difficult.
That said, I don't expect Hughes to struggle (I'm amazed the Twins did not jump on a deal for Hughes and Melky Cabrera, if that is what was offered).
I don't know if anyone is underestimating the Yankees. Brian Cashman did say the Red Sox were now the team to beat (the Tigers have something to say about that), but I wouldn't say the Yankees were out of contention, by any stretch.