Well i'm just going to lay out what I think & hope Hodgson picks:
Keepers: Hart, B Foster, F Forster
Hart & foster are obvious choices. Always wondered why FIFA demands team pick 3 keepers, its a useless position really. But I'd take F Foster as the 3rd choice over Ruddy.
Defenders: Cahill, Jageilka, Jones, Dawson/Davies/Caulkner, Johnson, Baines, Cole
Would only take 7 defenders, since it open freedom to pick more mid-fielders, which ENG have its biggest depth ATM. So that means no back-up right back, whether its a fit Walker or young Flanagan.
In a perfect world, I would have loved if Hodgson, the FA & Terry had sat down earlier this season & spoken about a recall, since having him & Cahill repeat their chelsea partnership for ENG would have been preferable.
As it stands the back-up behind the Cahill/Jagielka partnership has a bit of uncertainty to it. I believe in Jones's ability, but I don't trust Smalling. Dawson/Caulker or Curtis Davies are more deserving of place as back-up defender. I like what I see of Stones, but I feel the W-Cup is too soon for him.
Hodgson keeps ignoring Dawson during his tenure, but he has a level a maturity and experience that some of the other back-up names that I believe would be invaluable.
Finally I'm in Ash Cole camp as mentioned before, Shaw's time in EUR0 2016 & the next decade. His defensive performances vs Atletico & Liverpool recently after not playing so long further highlighted his quality. For me although Baines is 1st choice - their may be matches where Cole's better defensive skills might be more useful.
MID/FIELDERS - Gerrard, Lallana, Henderson, Barkley, Sterling, The Ox, Wilshere, Huddlestone/Carrick/Barry, Milner/Lampard
This is the area that is surely gonna give Sir Roy the biggest headache, since I have not come to clear conclusions over a few positions myself.
All of the young impressive mid-fielders aforementioned must go. The conditions in the world cup as was seen in the confederations cup last year, calls for athletes and the young brigade has that in abundance.
Given I believe that the Liverpool 4-4-2 diamond formation should be used, Hodgson simply needs a direct back-up for Gerrard's position.
Huddlestone/Carrick/Barry all have strong cases to for that role & its hard to spit them.
Carrick's form has kind of looked average in a poor season for United, but he has experience. But Barry & Huddlestone has the premiership form, with the latter have the youth advantage. Three strong candidates.
Lampard vs Milner for the last spot. Milner is probably better suited for the Brazil conditions. Can play a similar role to Henderson & other useful defensive roles if ENG need. I honestly don't see Lampard fitting in any specific tactical role well, as a older player - but i suspect Hodgson has a soft spot for him, especially as a leader within the camp, so I could tolerate him going under those circumstances.
Strikers: Rooney, Sturridge, Defoe, Lambert
Firstly, Welbeck can't be picked. His poor finishing too often this season, means he would be a useless back-up striker because he can't be depended on to score goals.
Defoe is much better impact striker option, He wouldn't have lot those skills after a few months in Canada.
Lambert is a better target man option than Carroll, plus he brings the added use of being a very good penalty taker. I also worry Carroll style might get him into card trouble with international referees.