The Lakers are a dangerous team to play in the playoffs because if they get healthy they still have two, at least arguable, top 10 players. Or at least what should be two top 10 players.
Also, with Russ, Lebron, and Davis at center this year the Lakers are over 12 points better than their opponents. That is their sweet spot. They just need to get healthy and actually convince Davis he needs to play center (which he clearly doesn't want to do). You surround those guys with Monk, Bradley, Melo, etc. (i.e. good to great shooters) and they have the floor spacing they need and the makings of a team that could be great.
This all obviously hinges on Davis actually getting and then staying healthy and Lebron staying healthy as well. If that happens, they can theoretically put it together and be a scary team. The odds of all of that happening though aren't all that great, especially with the load Lebron has had to carry the last month or so.