Its a wide open competition.
I wouldn't bet against Manchester United, but considering their striker shortage at the moment, I have doubts about them now.
Liverpool have a better squad that in 2005, but I just worry that we will struggle to score goals.
Valencia have the capability to go all the way. Bayern aren't as dominant this season as in previous seasons, they need to sort their shaky defence out.
PSV are dark horses, but I think they just lack that bit of magic to go all the way.
Chelsea are still concerned about Terry's fitness. They need to play Robben more in the CL if they are to progress. Chelsea were shaky against Porto IMO.
Roma, well I haven't watched Seria A much lately, but I've heard good things about them this season.