Montreal and Colorado are both probably the 2 most overated. Both of them overachieved, Montreal more so. Its not to say I don't think a team like Colorado can't be a real contender in the near future. At this point in time though, they both spend too much time defending in their own zone. They can squeak by some teams by being opportunistic, but they'd be lucky to really go deep. The teams with a bit of talent and that ability to control games are the real contenders.
In the East, my top 5 odds list would be:
1)BOS
2)NYR
3)PIT(can move up depending on impact of changes made)
4)TB,DET,CBJ,NJ,MTL
5)NYI,PHI,WAS
Other than the top 3 teams, its a crap-shoot. TB might be able to separate themselves, but I'm not sold yet. I was disappointed in their series against MTL last year. They did improve this off-season, not sure how much though. Unfortunately, I think those top 3 teams will be in the final 4 of the East again, unless another team emerges that matches up well against them. I do think the Devils are one of those teams that can take down Pittsburgh and the NYR, but Boston..... not so much.