I don't think there's much wrong. I still think Beckham has no role to play for England. He's embarrassing enough for LA Galaxy, so international football should be out of the question.
The improvement Jenas showed last season has evaporated. I'd have dropped him and kept Jimmy Bullard. Or maybe recalled Fulham's best midfielder - Danny Murphy!
Defoe doesn't need any more chances to prove he just isn't international class. Owen is fit enough to play for Newcastle every week, so coming off the bench for fifteen minutes shouldn't be beyond him. I can only assume Capello doesn't want a proven international goalscorer in his team.
Other than that, it's fine. I do rate Downing, and although he's rarely shown it for England so far, he could have a place. At the very least he's a left-footed player who can add some balance to the team. Young's time will come. At the moment he's more useful to the U-21s who are one match away from the finals next year.