Well given that I'm Italian, Italy. I only see 5 teams competing realistically.
1. Spain - Self-explanatory.
2. Germany - Too much depth.
3. Italy - Deep, tactical and top 3 midfield.
4. Argentina - Most superior strike force by far
5. Brazil - I consider them one of the "faster teams" in stark contrast to the first 3 who all play possession based games and Argentina is the only one that is also centered around fast counter-attacking.
My hope: Italy
My fear: Spain again
My expectations: Germany, only if they can avoid Italy.