Unless something bad happen to De Bosque, Xavi, Iniesta, Casilla, Villa, Pique and Puyol, I think Spain is going to win.
I agree with bloggeranand, It's too early to say who will win. Anyways, I'd like to see Argentina champion.
Chile will win or make the semis they had the youngest squad in South Africa and that experience plus they were only second to Brasil in the last qualifiers, also a sure bet would be Brasil - Uruguay or Argentina remember they are playing in South America, outsider may be Germany - Japan - Mexico