I wouldn't count on it just yet. Like I've said, Federer is still the favorite, with Nadal being the underdog. Also, they both still have to get through their SF's first.
I'll congratulate Nadal if/when he gets his career slam. Not now though, it's way too early for that.
I wouldn't say Fed can be considered favourite against Nadal in a best of five match anymore regardless of the surface,not saying he's without his chances if he meets Nadal in the final,he's a 5 time champ afterall but he'll need to serve out of his skin and show up mentally(which he rarely does against Nadal).
I'd give Novak a pretty good chance to beat Nadal in the final given that he's a very tough match-up for Nadal on HCs if only his serve wasn't crap lately,it isn't even a weapon anymore,he mostly just rolls it in these days to start a point,very rarely gets any free points with it.