Yeah, definately not Chelsea. Mourinho is such a genious he will eliminate anyone. Milan would be really hard too, much harder than Real really, but we could go through as we know them very well. The rest we should handle, definately Bayern, Liverpool and PSV. Lyon demonstrated some crazy things but they are still too weak. Inter/Porto shouldn't be too much of a problem either.
If only we can avoid Milan and Chelsea for as long as possible, we can go far, even reach the final if we're lucky. The two teams are at least as good as us, however.