I think the thing that makes the Preds such a good pick this year is that they can beat you in a lot of different ways. Need a couple of speed/skill lines to score? They've got that in Forsberg/Johansen/Arvidsson & Fiala/Turris/Smith. Need a gritty two-way game to grind out a close one? They've got savvy centers like Bonino and Fisher with gritty wingers like Hartman and Watson to go with excellent goaltending.
Need the D to chip in and score a goal or two per game? Not a problem with Josi/Ellis and Subban/Eckholm eating up 50 minutes per game. Their depth is a match-up problem, even on the road with first change. They only lost 9 games in regulation on the road this year. NINE!
That said, anything can happen in the playoffs. There are plenty of teams that can counter 80-90% of the Preds depth. Mix that with a hot goaltender, and the Preds could be toast. It's a weird place for Preds fans to be. Maybe not the consensus favorites to win the cup - but certainly not underdogs. It's a new age for sure!
Their D fell apart in the finals last year. I have no idea what exactly happened (except Evgeni Malkin showing some disgusting hands), but the pens embarrassed them. If they avoid that collapse this year and play like they can then I think there's a strong argument for them being back in the SCF.