In terms of performance combined with spirit I'd say Germany, Italy and Iceland are favorites to the title. Although I have to admit I haven't seen France play.
The determination on some of those Icelandic players faces after the game tells me they haven't finished their goal here yet.
Wales besides Bale is too weak.
Belgium is lacking a defining playstyle.
Poland has no clue how to play at all. Their performance after taking the lead their last game was abysmal. Maybe they know how to play when they are behind...
Portugal same as Wales, better overall players but their captain doesn't do for the team what Bale does for Wales.
Problem is that only one of those favorites will make it to the finals.
I kind of hope that Belgium starts living up to their quality as individuals but I'm afraid it's too little too late.