I think this is a topic we'll be revisiting a lot this year, if early indications hold. Most of what I read is pretty typical and predictable, but this post I found quite interesting. An excerpt:

The reason Winslow Wheeler stands out as a perfect example of what is happening in the Defense debate today is because the Defense discussion under the Obama administration with Gates isn't about a future we are building towards, it is about meeting the obligations of a predeclared agenda. There is no shift in strategy that is recognizable under Gates, rather a shift in priority. Instead of debating what we need to meet the obligations of political leaders who call upon the military to do, well... just about everything, we are debating ways to save money. There is nothing observable that defense thinkers are working towards, and the predictable result is that everyone is digging in to push back against the pressures.
Personally, I think this observation hold some truth, but I also think it didn't just come about with the new administration - rather it's a "feature" of our defense policy debate.

And:

So what is the answer? The House and Senate appear content with the status quo of being told by the Navy how it is going to be. The Navy is forbidden to discuss the budget, which is clearly a tactic to insure as few tough questions as possible get asked regarding new plans. When a program is on track, justified, and on budget... populism is allowed to trump process. When a program is way off course, well, any number of reasons end up insuring continuation. How can money be the problem when processes are ignored and leadership is never held accountable? No matter how much the defense budget gets cut, the problem is still centric to people and culture, not money.
The defense budget fight looks like it's going to be a bloody one.