Some quick n' dirty comments...
Vancouver - They did take some backward steps, just not as many as the other perrennial Western powers.
Calgary - I think they overachieved two years ago. Durn good team, just not runaway favourites.
Colorado - They lost a lot, but could afford to. Tanguay and Hejduk are ready to take the reins.
Edmonton - Yes, four teams in the same division can make the playoffs. See the Northeast. Horcoff is not a legit #1 centre, but neither is Daymond Langkow. Or Craig Conroy, for that matter, and he was Jarome's centre for the Flames' cup run. Horcoff will be better than Langkow this season.
Minnesota - Looking at the roster, I don't know how Lemaire does it. They will take a beating in their own division, facing four of the top six squads in the conference.
Detroit - Still has good depth, and a pretty good D.
Nashville - Everyone's favourite cinderella team. Not mine.
St. Louis - Not a bad collection of talent, but the wheels could fall off.
Chicago - Aucoin, Lapointe and Khabibulin do not a team make. Lacking depth up front.
Columbus - Better than '03-04, but that was pretty bad. Nash's injury hampers them right oout of the gate.
San Jose - Depth defined. However, I wonder how some of their top players will cope with the new rules. Hannan plays close to the legal limits, and Cheechoo is not a great skater.
Dallas - Old? Or Experienced?
Anaheim - Niedermayer is the biggest difference-making skater in the league.
LA - Fair bit of roster turnover makes them hard to place. Garon will impress.
Phoenix - I don't see them as a last-place team, and that prediction has nothing to do with Gretzky.
See my Eastern Conference predictions here.