Good chances to have a surprise AO finalist from the bottom half...
looking at the draw, if Mauresmo and Kuznetsova are in rusty form, it's a near certainty that a player who has not previously been a Grand Slam finalist will come through the bottom half.
The most likely candidates for a suprise finalist are Peer/Golovin (same section), Vaidisova, and Petrova, who all have good draws in the early rounds. As does Dementieva, but she has a poor history in Australia. Jankovic could also be in the mix but i doubt she'll get past Petrova, due to having over-played. Williams is also in that section and has to be considered a threat, IF she can get out of the 1st round against seeded Santangelo.
In the top half, Hingis got a terrible draw having to face the winner of Safina/Li in R16, followed by Clisters in the QF. Sharapova has an easy ride into R16, where she'll face her first test against the Ivanovic/Vera Z winner.