Well, just because everyone else is doing it, I think I'll add my play-off predictions to the fray:
Eastern Conference:
Buffalo (1) versus NY Islanders (8) -
Buffalo is one of the best teams in the league. Any of their 4 lines can score, their defense is solid and mobile and they have good goaltending. In contrast, the Islanders are short on defensive depth, have an unknown goaltender whose name I can't pronounce and their captain is Alexei Yashin.
Buffalo in 5.
New Jersey (2) versus Tampa Bay (7) -
Not sure what to expect from this series. The Lightning have the best forwards, but they're horrible defensively. The Devils have the best goalie, but can't seem to score. I think St. Louis and Vinny are gamers, but it's not enough; Brodeur will out-duel the Holmqvist/Denis duo.
Devils in 6.
Atlanta (3) versus NY Rangers (6) -
Atlanta is probably the weakest division leader in the NHL. Their depth at all positions is highly suspect once you get past the one or two marquee players and their goaltending is just alright. Conversely, the Rangers were pretty damn good in the second half of the season, largely because Lundqvist regained his 05/06 form. With the addition of Cullen, Shanahan and Avery, NY isn't completely dependent on Jagr this year.
Rangers in 5.
Ottawa (4) versus Pittsburgh (5)
As Matt notes, the Sens have probably been the best team in the East for the last few months. Emery put up some impressive numbers after usurping Gerber and nearly everyone on their roster is capable of scoring a goal or 3. On the other hand you have too many rookies and not enough depth: Crosby, Malkin and company are great youngsters, to be sure, but they just ain't there yet. Fleury isn't better than Emery and I don't think the graybearded Roberts will make enough of a difference here.
Ottawa in 7.
Western Conference:
Detroit (1) versus Calgary (8) -
See post below.
Anaheim (2) versus Minnesota (7) -
The question here is: can Gaborik/Rolston/Demitra overcome the Pronger/Niedermayer advantage consistently enough to win a series? The answer is: I doubt it. Anaheim has good goaltending, superstar defensemen and the best PP scorer in the league in Selanne. The Wild will steal a couple, but the Ducks just have more difference makers in the end.
Anaheim in 6.
Vancouver (3) versus Dallas (6) -
Would you bet on a team whose top scorer was Mike Ribeiro and whose goalie was Marty Turco? Me neither. Dallas has done a remarkable job of sustaining a high level of play despite a lack of offensive depth and injuries during the year, but...they just can't score enough and Turco just isn't a play-off performer. Luongo hasn't been there before, but I've seen nothing that would make me doubt his ability to get the job done in the post-season. The Sedins are the real deal, too.
Vancouver in 7 (I feel so dirty).
Nashville (4) versus San Jose (5) -
Both of these teams scare me. As such, I think this'll be one of the best series to watch in the first round. Both clubs have two good goaltenders and both have fairly deadly attacks. I like the Predators defense more than the Sharks and I think Forsberg is a superior play-off performer as compared to Thornton. Assuming Peter the great can play, I like the Preds to take this one.
Nashville in 7.
Feel free to vehemently disagree with me in the comments.