I think that the favourite for any slam other than RG at the moment is Federer, but even Federer isn't going to win every match he plays. I don't want to jinx him, but on the form of the last 6 months, I really think Lleyton is the second best player in the world at the moment and when you combine that with rebound ace and an Aussie crowd, who know what could happen?
He has had some bad luck in the last few years but he's certainly in a better position ranked #3 than he was last year
Lleyton has to not get overwhelmed by the pressure for an Aussie to win. It would probably be good if Alicia Molik could have a really great run to take some of the focus off "can Hewitt do it"! I do think that if Lleyton could make a semi in Melbourne he'd be hard to beat.