Germany is looking the favorite to win it all, imho. Of course Spain has the best squad and another year would skip to victory, but I think a lot of their players (esp. the Barcelona contingent) are simply exhausted after a long season and maybe a touch disinterested, too. They will at some point encounter a decent team (France, Italy), who will sit deep like Chelsea and have the quality to not be entirely overrun in midfield.
Things are looking real bad for the Dutch. They absolutely need 3

against Germany, and I don't think they'll get them.
Russia dark horses?