I think Germany has good chances to win, Italy being the biggest rival.
I'm going to analyze the squad when it's being announced soon, but I can already tell that our internationals are hitting form.
We have incredibly talented keepers, even though Lehmann will most certainly play.
Our defenders are among the best in the world. Lahm, Mertesacker and many more will make sure we keep a clean sheet.
Frings and Borowski, being injured for large parts of the season are definately improving. Along with Ballack, we have a great midfield (if only Schweinsteiger showed what he's capable off..).
Kuranyi, Podolski, Gomez (25 goals in 29 matches!) and Klose. Nothing more to say. Klose doesn't play very well atm, but at peak form, he's one of the best strikers in the world (silver and golden boot at the last to world cups).
All in all, I think that we have good chances of winning the Cup, if our key players hit form in the right moment. Most of the times they do.