The offense certainly is. Time will tell on the defensive side of the ball. They haven't faced many good offenses, with good QB's, so it's really hard to judge. Much like past BB defenses they've outperformed what you'd expect based on the sheer yardage they've given up, but unlike past years their RZ and 3rd down defense aren't exactly stout.
How much does that improve in the second half? I think the Collins move speaks to some of the frustrations Belichick has with this defense, and I expect them to clean things up in the second half. Is this team as good as the 07 squad? Probably not, but then that was probably the best team ever. Is this the best team in football? I tend to think so, as long as the defense cleans their act up a bit...so if that qualifies as 'a wagon' then yea