In my opinion I don't think people realize how bad Seattle really is. I think they are a 90+ loss team. As you mentioned, the only competent starter they have is Felix. After that it's pretty bad. Washburn pitches very well at home but he's rough on the road. The 3, 4 and 5 pitchers are awful. I know I'm starting to sound like a broken record but if you want to make some good money this year bet against the M's when Weaver, Ramirez and Batista are on the mound. Also, Seattle has a terrible bullpen. Putz is a stud but other than that the bullpen is not good at all. White, Woods and Mateo are fringe major leaguers at best. Morrow will probably become a good pitcher in a few years but he was pitching college ball at this time last year.
Offensively they consistently underperform despite the fact that they have Ichiro, Beltre, Sexson, Ibanez, etc. They SHOULD have a good offense, but they don't. One of the biggest reasons is because they have no patient hitters, just a bunch of hackers.
As for the other teams, Texas again will have problems because their pitching is subpar. Although they have a good lineup I agree that it's a bit overrated. They kind of remind me of the Cardinals and Red Sox in that respect.
The Angels have been the favorite the last couple of years but I always lean to the A's. They're a hitting is always weak but their pitching is very good and, for one reason or another, they are an UNBELIEVABLE team in the second half of the season. Harden, Haren and Blanton aren't the same as Hudson, Zito and Mulder but they're still very good.