Probably the biggest defensive liability was demonstrated by the Chargers - we don't have the horses to cover big, strong receivers that run great routes. Your TE's out wide are a matchup problem. Inside with safety help or LB's I am less worried - Ray, Reed are older and slower but still find a way to get it done - really.
Offense - just inconsistency, really. Two biggest problems are dropped passes and some really bad days by Flacco. But the offense is not as bad as you might think, there are games when they really get it done. For that to happen, just has to be one of those days where Flacco and his receivers are in sync. Doesn't happen often enough.