Predictions

I love Arsenal and hope that they'll win but I would bet on chelsea or barca.

Barca fan here. So I hope they'll win :) But Chelsea, Arsenal and Real Madrid are serious contenders.
@IndieRockBloke I think Real Madrid has to become a team instead of "individual superstars" in order to win.

Well based on how well I saw us do last season I say Arsenal has a good chance of winning it this year. We've now got Julio Baptista and he's added that aggression to the team that we lacked since we lost Vieira. William Gallas will be a real asset for us too as he can play right across the defence and he can help to bring the experience needed for youngsters like Gael Clichy and Philippe Senderos to grow as proper defenders.

I think Milan do as well. Milan's group is too easy and they shouldn't even have been in the CL in the first place.

I see Lyon as another outsider to watch. They've been developing quite a reputation as one of Europe's elites and it's gonna take alot of grit to beat a team like that. They're a really gelled unit.

Another favourite I see for the Champions League is Inter Milan. They really cashed in on Juventus' downfall by signing some of their stars. Their attack is tremendous with Zlatan, Crespo, Adriano, Recoba and Julio Cruz. Not only that but they've got a star studded midfield and defence and it's hard to not see them making at least the semi finals.

Arsenal should make it.

Barcelona, Inter, AC Milan or Bayern Munchen

just a PSV Eindhoven fan here, they have fairly a good team, for national level. On european level, i say, second round is reasonable

RSC Anderlecht fan here and we don't stand a chance of ever winning the Champions league, but we have a fairly good team so who knows we might get somewhere

My guess is Barcelona, Real Madrid, Chelsea or Arsenal

Celtic for the CL.... j/k ;]

Uhm... I'm gonna say Barca again any my darkhorses are Inter Milan..

UEFA Cup... With the teams already in it I'd say either Schalke or Sevilla.

UEFA Cup... I would hope for Rapid Bucharest but almost any of the teams which will qualify could win it.
This is what I love about the Uefa cup you can't predict what will happen, in Champions League you have 4-5 favorite teams from which one will almost certanly win.
And even tho the teams aren't as good as the ones in the Champions league you can see good football with twist turning situations(Middlesbrough scored 4 times in a raw against Basel in order to win and then did the same thing against Steaua ).

My predictions: (in order of ending group phase)
Group A: Barcelona, Chelsea, Werder Bremen, Levski Sofia
Group B: Inter Milan, Bayern Munich, Sporting Lisbon, Spartak Moscow
Group C: Liverpool, PSV Eindhoven, Galatasaray, Bordeaux
Group D: AS Roma, Valencia, Olympiakos, Shakhtar Donetsk
Group E: Lyon, Real Madrid, Dynamo Kiev, Steaua Bucharest
Group F: Manchester United, Celtic, Benfica, FC Copenhagen
Group G: Arsenal, Hamburg SV, FC Porto, CSKA Moscow
Group H: AC Milan, RSC Anderlecht, OSC Lille, AEK Athens

I dunno who will win the UEFA Cup but I certainly hope it's Newcastle. They're the most unlucky team in England, imo, and they need silverware to truly gain the respect they deserve.

Newcastle have a great midfield, huge in depth and numbers. I think they should have a good run in this competition. I know they have the strength to get out of the group stages. I hope they can sign another world class striker in the January transfer window to partner Martins up front in the latter stages of the UEFA Cup.

Glenn Roeder should also put Santiago Munez in the first team. (Sorry just a little Goal joke :P)

My hopelessly optimistic prediction would be Manchester United, but if I'm honest I don't think we will unless we sign a quality (I'd say world class but we evidently don't want world class players) striker and midfielder in the transfer window. Though I would be more than happy to be proved wrong ;)

Realistically I think Barcelona will win it again and as much as it pains me to say it I think Chelsea have a better chance than ever with the signings of Ballack and Shevchenko.

As for the UEFA Cup, my La Liga-obsessed brother has assured me Sevilla will win it.