With high regards for Prem Panicker, I beg to differ from him.
How could he imagine that a side good on paper is a favourite to win the title? If experience is the biggest teacher, then he SHOULD not go by favourites. Was Sri Lanka the best side when the WC 96 began? Or for that matter was India the best side at the start of WC 83?
I would say, a side of spirited, talented and coherent players, with an eagerness to perform, and play as a team is the favourite for the title. We are talking 20-20 here as opposed to test match cricket, where experience and past records would have mattered. For that matter I would say even Rajastan Royals can be an absoulte favourite.
VVS Laxman would have been the best bet if it had been a test tournament. But 20-20, no way!