For me it's tough to pick an out and out favourite this year. The two zones were vastly different conditions and both likely to be different to the conditions we get next weekend.
Emerson shield is all about depth, so i tend to look at teams that have seven strong bowlers (they also need to have a couple of high end perfomers).
For me Werribee certainly qualifies (they were lucky to get through the zone but they had a couple of big games against them early where they did not win many points so that result is a bit misleading). Mentone look strong, Shepparton have a couple of "young uns" so that makes them a bit of an unknown though i expect them to be around the mark. Melton have improved their depth and i would expect them to be top half. Epping look good at the "top end" but i don't know much about bowlers 5,6,7. Being at home they are likely to go alright.
I guess all this rambling leads me to having Mentone and Werribee as my equal favourites with Shepparton and Melton close behind.
I don't think any of the other 6 teams can win, but there is usually one or two teams that perform above expectations. I would not be surprised if some of the other teams figure prominently but i don't think they can actually win.
*stand back and get ready for the barrage from the teams i have not mentioned*