I don't see any teams being whippin' boys. They got there because they are among the best in their respective continents. Amazed though that N. Korea are there so who knows what could happen.
Serbia and Chilé will most likely be the surprise packages. Serbia has a very good team and an outstanding defender in Nemanja Vidic, they just cannot be complacent. Same can be said for Chilé, they have the ability to put on the style against their opponents but cannot be too over-confident.
Winners will probably be a big footballing country [i.e Brazil, Spain, Germany, etc.] since they have the class and ability to win. Personally, I'd love to see Spain or Portgual win it.
Under achievers. Classic Underachievers have been England. 44 years since they last won and I don't see this year being any different. I see them falling at the quarters because they have been over-hyped. Another underachiever could be France OR Argentina. Both struggled to qualify, especially France with the hand-ball fiasco [which I still say should've been replayed.] Argentina didn't have it any better. Maradona has struggled quite a bit which was evident with Scotland vs. Argentina last year. Although both teams have AMAZING players, it'll just be a case of bad luck for them.