It's probably the hardest one to call in a long time. The South American teams all have an advantage so Brazil and Argentina will be right up there, and Uruguay, Colombia and Chile could get far and with a bit of luck win it.
Spain and Germany have the best squads in the world, while Belgium are a bit of an unknown quantity but have good players.
Italy, France and Holland can't be ruled out while Portugal have Ronaldo who can always win a game on his own.
But after saying all that, I'm pretty sure it will be one of Brazil, Argentina, Spain or Germany, and if I had to call a winner I'd go with Brazil.