Spoiler Alert (if you haven't seen episode 4:5):
I definitely think the Gov's going after Michonne first ... Rick is an enemy, but he also has a certain amount of respect for Rick, being the same "kind" of person, but just with a more honorable objective, in his own view. (Didn't he say something similar once?).
The gov took out Andrea, too, so the group is not without it's own reasons for revenge, including Rick, and Michonne has almost as most animosity for the Gov as he does for her. Looked like only three tents with the Gov, too, so probably the same two guys.
A real interesting dynamic will be what Daryl thinks of Rick, and how he reacts, when he finds out about Carol and if he leaves, (i see him def. going after Carol somehow). Also, what Tyreese does and how he reacts to the knowledge of what carol did.
