my analysis:
group A: Arsenal are clear favourites. By winning both their away-games so far, I think they have overcome what was lacking in previous years: there away form. Aforce to be reckined with in the next phase.
it will be an interesting battle for 2nd and 3rd, but I think that PSV are virtually out. also from the UEFA cup
groupB: Valencia and Liverpool, the pre-tournament favourites to proceed from this group will probably do so. although Liverpool have disappointed slightly
groupC: Real Madrid are clear favourites, not only in this group but to go on and win. second most probably will be Roma, not because they deserve it, but because the other teams are no good either.
groupD: Inter didn't do themselves any good, by losing at home to Lyon. will be a struggle for them to proceed. At the moment one of the tightest group; with Ajax and rosenborg both having chances too.
groupE: Juventus are virtually through. not only that, the way the played reminds me of the good-old days from 6 years ago, also with Lippi on the bench. they have the potential to match Real.
interesting fight between Feyenoord and Dinamo for second.
groupF: although not playing well in their league, Manchester have shown that in europe they still are among the best. slot number two is pretty much open
groupG: amazing run of Inzaghi (scoring 13 goals in 9 matches in the league and here) have made sure that Milan will progress. potentially the biggest threat to Real.
Deportivo are my favourites for number two.
groupH: Barcelona have the same story as Manchester, not that good in the spanish league, but in europe they're almost through.
hopefully Gala can make it as number two.