Like in 2002 right? You were even favorites, not even dark horses. Portugal has always been underachieving lately, 2006 aside, of course. The worst of all was in 98', with golden generation at it's peak you didn't even qualify.
Favorites are IMO:
In that order, but it's close between the 3, Germany has the best team and squad at the moment probably, but Spain has been winning everything and Argentina has the best player in the world.
Brazil is a bit below them. Unfortunately for them they host the World Cup with their worst squad in a looooooooong time. Long gone are the Ronaldos, Romarios, Rivaldos, Ronaldinhos, etc. Kaka is way past it and the only world class star is Neymar.
Italy and Netherlands will have a chance too, but I don't think they have what it takes to win it.
England and France will flop...again.
2002 was a disaster for anyone in Europe, barring a totally (supposely) weak Germany.
98 we were totally robbed against Germany in the qualies and that was the reason we missed it. Still it is the last time we missed a competition.
You are also forgetting European championships.
Portugal in last 17 years:
England 96: QF (lost to eventual finalist)
France 98: DNQ
Belgium/holland 2000: SF (lost to eventual winner)
Japan/South Korea 2002: Group Stage (terrible in all aspects)
Portugal 2004: Finalist
Germany 2006: SF
Switzerland/Austria 2008: QF
South Africa 2010: Last 16 (lost against eventual winners 1-0 with an offside goal)
Poland/Ukraine 2012: SF (lost against eventual winners in PK)
With a good draw (avoiding Spain until the final would be a good start) we can definetly win the whole thing. We are not the favourites thought. Brazil, Spain and Germany are in the upper tier. then comes Italy, France, Argentina, Portugal, Holland (no specific order). Dark Horses are Belgium, Russia and Nigeria.