Here's my view of the Western Conference, with two caveats: right now, I'm presuming everyone will be reasonably healthy, and I'm going based upon the rosters posted in the Transactions thread. Divisional "tiers" are marked by "===========".
Northwest
1. Utah
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2. Denver
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3. Minnesota
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4. OKC
5. Portland
I think that in the Northwest, if healthy, Utah is clearly the best team, Denver is clearly second best, Minnesota is third, and OKC and Portland are in the last tier (due mostly to youth). That's not to say that based upon matchups, one of these teams couldn't beat the other in a seven game series, but I think this is how the season would go without injuries. (Again, my final voting may reflect risks related to injuries.)
Pacific
1. Phoenix
2. Sacramento
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3. LA Clippers
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4. LA Lakers
5. Golden State
This is the division of "my" team, and I think it's the deepest in the league. All five teams have an outside shot of making the playoffs. That said, I think Phoenix and Sacramento are the two most talented and versatile teams in the division. Sacramento is weak at the center position (most likely starting Bargnani, although in certain matchups Big Z or Petro will start). I think Phoenix will come out on top, because they've got the best superstar, and in the regular season, that's good enough to win.
The Clippers are an old team, but a pretty good one, I think. I'm a "believer" in KG, which goes a long way. With LA, I'm as concerned with their depth up front as I am with Sacramento's. Tyson Chandler is okay, but he's been in rapid decline, and only played around 23 minutes last season. Behind him is... Drew Gooden? David Anderson? Gooden stinks defensively, and David Anderson stinks at every aspect of the game of basketball.
Last comes Golden State. I have this team ranked highly for a "team of the future", but neither Splitter nor Randolph is ready yet, in my opinion. Behind them, at backup center there's Thabeet, who again, has a long way to go. Batum is solid, but not much more than that. Kevin Martin is a very good offensive player, and an absolutely terrible defensive one. As for Chris Paul, it's hard to say anything bad about him; he's the second best player in the division.
Southwest
1. Houston
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2. New Orleans
3. San Antonio
4. Memphis
5. Dallas
I think Houston is the best here, but I could easily see any team 2 through 5 end up in second place. I *hate* what Dallas did with its team, but there are some talented pieces. However, I think it's very, very unlikely that a team with Iverson, Arenas, and 14 power forwards is going to win anything.