Germany always amazes me. How you can have so many quality goalkeepers, central defenders and central midfielders and at the same time completely suck at developing even average full backs and strikers is incredible. If Jonas Hector is your only "real" full back and you still have to take Podolski to a major tournament, you're in trouble. Of course they make up for it in other areas, but still, crazy stuff.
My money would be on France this year. Ridiculous depth and quality in all areas, plus a home tournament. Germany and Spain are the other two "big ones" IMO ... obviously Spain was disappointing two years ago, but their depth is still unbelievable. Just look at their snubs:
that's still an amazing team.