It is difficult to rate some of those teams, because we have three big teams – United, Liverpool and Valencia – who should be among the favorites, but their performance doesn´t reflect that.
my rating would be ~
1) Dortmund
2) Spurs, Villarreal, Sevilla
3) Athletic Bilbao, Leverkusen,
4) Liverpool, Lazio, Shakhtar, Olympiacos
5) Valencia, United, Fenehrbace, Olympiacos
6) Sparta Prague, Basel
Sevilla is more or less on par with Villarreal and Tottenham. They suck away from home, but they might solve that problem sooner or later. They are nasty to play against and are very experienced in Europe. If they find form away from home they´d become my #2 behind Dortmund.
Bilbao and Leverkusen are both good teams that have a good game plan. They just lack individual quality compared to the top4. Shakhtar might be part of that group; I don´t really know them. After that it becomes difficult. Those teams either lack quality of are in shambles.
Olympiacos are very strong at home, which makes it very difficult for any team to play against them in a cup tie. I put Pool ahead of United, because on a good day, they can beat all teams in the competition. They are terribly inconsistent, but that is not the worst thing in a cup. You just need to find form at the right moment. Do I believe that they win it? No, but I think they have better chances than us; we are just consistently shit.