Teams qualified for the quarter-finals of the Champions League:
Arsenal
Barcelona
Bayern München
Bordeaux
CSKA Moscow
Internazionale
Lyon
Manchester United
That's teams from six different nations, something which has not occurred since 1999. Typically the number of nations represented in the quarter-finals has been four or five. More than 6 teams has not happened since 1997 - and that was the last year when a club had to win the league to qualify for the tournament! I think that's a good thing. It makes the tournament more interesting.
I'd say there are four teams whose odds are better. These are, in alphabetical order, Barcelona, Bayern M, Inter and Man Utd.
The reason why I don't include Arsenal is the way they've fared against the other top teams in England this season, and their performance in Europe since their final in 2007. Their attacking game can be fantastic to watch, but they don't have a team which can handle a war. If their opponents can keep it tight and put aggressive pressure on them, they have nothing - unlike earlier incarnations of the team, with the likes of Patrick Vieira. Their lack of that kind of players makes me think they're not the hottest candidate for glory at the Bernabeu in May.
Inter have typically struggled to achieve in Europe - despite dominating Serie A lately. Their stadium-mates AC Milan have been the opposite - not won the league in some years, still two finals in the last five years. However, Inter's win against Chelsea makes me believe Mourinho has finally added this dimension to his team, and they might go all the way.
Bayern München have slowly built themselves up, after a few bad years for the German clubs. They seem solid, and one can never write off a German club once they get this far.
I don't think including Barcelona and Manchester United need any further justifications. These two met in the final last year, the semi in 2008, and no one should be surprised to see both in May.
Still - the last time France had two clubs in the quarter-finals was in 2004. Back then, one of them (AS Monaco) actually reached the final -where they lost to a team led by a certain Jose Mourinho.