For previous years see 2008, 2009, 2010 I don't think it should be a surprise to anyone that Vancouver is heavily favoured to win the cup this year. A couple of interesting notes:

Boston is the favourite out of the east this year, according to the simulator, despite sitting in 3rd in the East. This comes out of a having one of the best goals for/goals against ratios in the conference. They also benefit from a first round match against the Canadiens who have a low goals for total for the year.

Pittsburgh also surprises as being a second favourite in the East -- also benefitting from a favourable first round matchup against the Lightning who have a very high goals against total for the year.

The West is a lot more ordinary in the ranking, with the favs being Vancouver, San Jose, and Detroit.

Washington_Capitals 0.464 0.252 0.114 0.048
Philadelphia_Flyers 0.594 0.277 0.139 0.061
Boston_Bruins 0.703 0.421 0.257 0.136
Pittsburgh_Penguins 0.664 0.355 0.189 0.089
Tampa_Bay_Lightning 0.336 0.125 0.046 0.014
Montreal_Canadiens0.297 0.123 0.047 0.016
Buffalo_Sabres0.406 0.184 0.070 0.025
New_York_Rangers0.536 0.263 0.139 0.063

Vancouver_Canucks 0.725 0.557 0.418 0.290
San_Jose_Sharks 0.555 0.313 0.130 0.064
Detroit_Red_Wings 0.566 0.259 0.086 0.035
Anaheim_Ducks 0.387 0.142 0.042 0.015
Nashville_Predators 0.613 0.293 0.119 0.055
Phoenix_Coyotes 0.434 0.145 0.047 0.017
Los_Angeles_Kings 0.445 0.150 0.077 0.034
Chicago_Blackhawks0.275 0.143 0.081 0.038

Looking forward to more playoff hockey! Let's go!