Seems most bookmakers consider Sweden's entry the favourite.
Here's a link if anyone is interested: http://youtu.be/4nJcmLMb5to
And really, Sweden has hedged the odds a bit... 10 of the 26 songs that have reached the final are composed by Swedes...

Apart from Sweden, Azerbaijan, Cyprus, Greece, Ireland, Italy, Malta, Norway, Spain and the UK have songs written by Swedes this year. Seems like we're world leading in writing and producing crap.

Albeit a lot of what the others have brought is even worse.
Saw Sweden's semifinal yesterday (didn't bother to see the first one) and it's pretty amazing.
I constantly find myself wondering "what the ---- were they thinking?"
I mean, take a look at the Dutch entry: http://www.youtube.com/watch?v=zfofDgg-Jww
Or the Russian one: http://www.youtube.com/watch?v=WKNRGc71hjc

I think the Russians should stick to playing hockey.
Not going to enclose links to everything, but here's a compilation of some of the songs considered favourites this year:
http://youtu.be/1Fd5mLfUgnU