Here in England it is pretty intense already, all over the media...one of my local pubs has painted it's whole frontage as a giant England flag :P
I will be cheering for England ofc, but inevitably we seem to slip up somewhere (things like penalties and/or Germany), we do have a decent chance though.
Many teams have the potential to win it, Spain being probably the best team in the World atm however in these competitions anything can happen - Holland/Germany/Brazil/Argentina/Portugal and even aging Italy all have a shout.
I saw South Africa play ina a couple of their warm-up games and they were pretty poor, but as has been said, hosts always seem to get that bit further than they should.
Worth watching for the non-football/soccar fans imo, if only a team you follow.
Cmon England!