At this point (Jan. 20), Edmonton, Winnipeg, and maybe Dallas and Vegas strike me as legit contenders for the western conference.
I know Vegas has looked good, but I think they lost a key guy or two, and some of their guys are a bit old. Same with Dallas, and I don't think we've seen players like Seguin (past his prime anyway) and Robertson really elevate their game in the playoffs.
I don't think Colorado is quite for real. I believe Winnipeg or Edmonton would easily take them out. The Kings are doing well, but just not enough high-end scoring.
But in the East...? I haven't got a clue.