Shaq got old (and traded), Wade came down to earth a little, and basically everyone else on that championship team peaked at the same time. I mean look at the rest of that team. Jason Williams, Udonis Haslem, Jiggletits, and an old Alonzo Mourning? That team was never going to go anywhere after that season.
I don't really follow the NBA at all but to me it looks like the East is between Boston and Detroit while the West is still up for grabs. I'm with ober though, the Celtics have to be the favorite.
Also I thought the Shaq trade was majorly overrated for Phoenix. He's old, he's fat, he's always hurt, and he really doesn't try as hard anymore.