To be fair, how do you replace Valverde? Chances are they'll have him back for 2012 anyway.
Sánchez is going to be a big loss, admittedly - the loss of Joaquím Rodríguez and Dani Moreno was especially felt last year, and they looked rather directionless without Valverde.
On the other hand, Ventoso will win a few sprints in the Spanish domestic calendar and up that win tally, Intxausti is hugely talented but unreliable; they've got a lot of people who can finish 6th-20th in a GT (Tondó, Bruseghin, Arroyo, Intxausti, Kiryienka, Plaza, Soler) but I don't really see anybody who's going to be podiuming without a L'Aquila-sized piece of luck - unless the Pellizotti rumours are true. And I can't wait to see how Pardilla does at the top level - can he make the same strides in his step up that Tondó did in his?
Movistar have lost some of their top end results, for sure, but they've probably replaced them with a multitude of decent results, so in terms of UCI points they'll probably be absolutely fine.