Still think Rooney should be in the team, he's one of few players that are top notch players in the team. But due to his creativity and passing range his best position is probably as a deep-lying striker now, sort of biding midfield and attack - like he has played for United this season. Whether he can play in that role depends on the tactic of course, but leaving him out of the national team would be a very odd choice in my opinion.
A midfield of Cleverley, Parker and Wilshere would be excellent though, and is perhaps the best England can muster now (and it's far from crap). That midfield three would have both grit, ball retention and creativity, and would look a lot more modern than Gerrard and Lampard.
One could also go with for example Parker and Wilshere as the central two, with Rooney ahead of them linking midfield and attack. Then Welbeck or perhaps Sturridge up front (IMO he is best centrally but hasn't been given a proper chance there yet). With Young on the left and one of the Arsenal duo on the right (think I'd prefer Oxlaide actually as he is a more intelligent footballer to me). That wouldn't be a bad bunch either.
Untypically, England are actually a little short at the back right now, which is probably why Terry is still in with a shout. Going with a central pair of Smalling and Cahill wouldn't be bad, with Jones as contender or starter, or even as right back (he is too marauding at CB for me right now, leaving dangerous gaps). Cole isn't the player he was but is perhaps still the best there, so that would make a team like this. Just a suggestion
Jones/Richards - Cahill - Smalling - Cole
Parker - Wilshere
Oxlaide - Rooney - Young
Probably not a team that would beat the best in the world, but England doesn't have players capable of doing that consistently anyway. This would give them a lot more energy with younger and more motivated players, of a more modern mould. Get this lot playing together for the next two years and see what they can do in Brazil. (With the slight caveat of Parker's (and Cole's) state in two years).
Of course, the press would be over them like a pack of wild dogs should they draw a game against, well, anyone really, so a new manager would have the biggest balls in the business if he would do something like this and stick with it.