Unless all of Brazil's midfield and forward line has a collective off day, it has to be them. Having watched Ronaldinho at Barca for the last two seasons, he has the ability to transcend the game, ala Pele and Maradona.
I think Argentina has a pretty decent chance, if Riquelme, Tevez, and most importantly, Messi click -- I'm really hoping they do, because Riquelme and Messi are just superb to watch. Holland looks pretty strong too, but then again, they always do. Same as Spain - if their forwards don't start finding the net quickly, their magnificient midfield will be wasted.
England has solid players, but still lacks that special flair I think. Rooney has it, but he won't be back until later. Remains to be seen if Gerrard and Lampard can reproduce their club forms. I think they have a real live-wire in Lennon. But I think Eriksson is tactically too cautious. Maybe he'll change because it his last tourney? England still seem to be a team of two halves, and they proved it against Hungary yesterday -- awful in the first half, pretty good in the second. Can't afford that against a top team.
Italy has good individual players, and they always seem to get stronger throughout the WC, so who knows? They do seem to be getting old though, just like France -- unless Henry can take over the tournament like Maradona in '86, don't look like championship material. Never been a big fan of Trezeguet, and Zidane has lost his magic (he's been pretty indifferent for Madrid this season). I can't believe Guily is not in the team. Germany - too young, although with them, you just never know.