My favorites, going with the mantra that defense wins championships:
1) Vancouver Canucks - Have to be the favorite, lowest Goals against in the NHL (and will only get better as they go to later rounds b/c of Hamhuis's return), the (future 2011) Conn Smythe winner + high octane offense, #3 in PK, and #1 in PP. Luongo is having a stellar season (.928% and there's no reason to think he'll choke like years past. There are the Canucks this year, and then everyone else.
2) Boston Bruins - Tim Thomas, need we say more? Highest save percentage, rock solid all season and expect him to continue to stand on his head. Depth if Thomas goes down in Rask who is no slouch either and could easily start on many teams.
Boston's "defense first" motto by Julien is anchored of course by Montreal public enemy #1 Zdeno Chara and were overall #2 in Goals Against. Dennis Seidenberg is a shot blocking machine and plays with some balls. McQuaid has solidified the 3rd line with some great play as well, and Boston defensemen are +105 on the year.
While only #16 in PK, that could come out to bite them but they have to hope Thomas can pick up the slack. Also, they are only #20 in PP so that is also a glaring weakness. However, Boston is #1 in the NHL in 5 on 5 goals so they need to keep the penalties to a minimum and they have the advantage by letting the stout defense set up Lucic, Bergeron, Krejci, Recchi and co. Surprisingly, Boston is #5 in goals so they have the best balanced attack in the East.
3) Washington Capitals - Young guns Alzner and Carlson have really stepped up this year along with the addition of vet Scott Hannan on defense, especially with the absence of Mike Green and Tom Poti. While the Caps had a dropoff in points due to their new "defense first" system, it really paid off: #4 in Goals against and went from last place after Thanksgiving to Eastern Conference champs. While goaltending could be a short term issue, having three very good 22 year olds with 10+ wins apiece this year (NHL record for three youngest), expect them to pick each other up if one has a bad game. As they advance further, they will get stronger with the return of Dennis Wideman in the 2nd round and possibly Poti/Green who could play in the first round.
While their PP is only #16, their PK is just about the best in the league at #2.
Offensively, adding a bonafide winner in Arnott to solidify the gaping hole in their 2nd line has added three talented centers (with Backstrom, Mojo). Semin has really emerged now that he has to take orders from his new 2nd line friend. Since Washington finished 19th in scoring, their defense will have to hold teams in close 1 goal games... their last loss by 2 or more goals: 28 games ago on Feb 25th which proves they can be tenacious.
The only teams with talent this balanced in the East are Boston or Philly (with Pronger) and I expect them to only possibly lose to either (unless Lundqvist can pull off an absolute miracle) in the Eastern Finals.
4) Nashville Predators - Continuing with defense, the Preds finished #3 in Goals against and #5 in PK. Pekka Rinne plays in the same stratosphere as Tim Thomas which is saying something. Big Shea Weber and Ryan Suter are absolute beasts on defense and should be able to contain Perry/Getzlaf/Ryan in the first round but sets up a must see series of unstoppable force vs immovable object.
Offensively, the Preds really have to scrap for goals finishing #22, especially on the PP, where they finished a dismal #26. Fisher has caught fire as of late with at least a point in the last 6 of 7 games and young Sergei Kostitsyn has showed promise leading the team in points and has also been hot as of late.
Overall the Preds have a good amount of guys who can score (6 fwds with 16 or more goals) so they can still win without a bonafide star. Don't be surprised if they shut down the Canucks in round 2, although Vancouver has just as good or even better defense. Remember that scrappy defensive teams can neutralize top seeds, such as last year's Canadiens with Halak + stellar defense.
5) San Jose Sharks - Offensive juggernaut Sharks are my 5th pick. Number 2 in the PP and #6 overall with their Big 3 of Thornton/Heatly/Marleau, they can kill you in as many ways as the Canucks in the offensive zone. Defensively, they are #10 so aren't slouches... Boyle/Murray can hold their own but we'll see if their other lines can play shutdown D.
Goaltending: Getting Niemi was a great move, what better than a proven champion? Sparkling .920%, although his backup Nittymaki isn't so great. Basically, San Jose is a very well balanced team this year. They should make it to the Finals against Vancouver or Nashville (if Nash beats Anaheim).
6) Philadelphia Flyers - Middle of the pack defensively, the Flyers have missed superstar Pronger for 32 games and it showed. The big question is, will he be back for the first round? Rumors say yes but it's still unknown. If he's back in the first round, you have give the Flyers a fighting chance to go very far. They sport the most offensive depth in the East with the best 3 lines of any team and can score in a heartbeat with guys like Richards, Giroux, Carter, Briere, Hartnell, Leino, newcomer Versteeg, and JVR. Their defense is still good without Pronger featuring Coburn, Carle, Timonen... and Meszaros hasn't been bad either.
Philly's goaltending is the big killer. Bobrov is unproven, and Boucher is too inconsistent. Both have let in soft goals that drive us Flyer fans nuts... As good as Philly's defense is, teams with elite goaltenders will win in the tight playoff games. Bobrov getting pulled in their last game was just sad.
In addition, the Flyers aren't stellar on the PP or PK, which could improve if Pronger returns but one man can only do so much. Just like Boston, Philly needs to keep it at 5 on 5 (#2 in the league in goals). Overall, the Flyers are too inconsistent but have the firepower to make a run if they can PK + goaltend, both which are huge question marks.