I am a MK fan, and I do think she has a chance of a medal. However, some immediate things which strike me are these:
1.) Consistency MK has not really been extremely consistent in her LPs since 1998, but has still managed to pull out medals at every event until this past year's Worlds. And this year she only went off the podium because three other ladies were more consistent through every phase of the competition. She generally has at least 5 clean triples plus the double axel. The "problem" has been that 6th or 7th triple she has doubled/fallen on/two-footed. Although she has stated she doesn't like doing the GPs, the CoP feedback and the extra time just putting her programs out there for scrutiny should pay dividends in making her feel more comfortable with the program in "pressure moments." It would also send a message to the judges that she is serious about competing and taking the lumps along with the good stuff.
2. Improvement Will she improve the in-betweens and choreography? This, in my mind, would help make up for the area she lacks most in: spins, and even there she has made improvements in her body positions, speed, and difficulty in the last two seasons. Let's face it, she is not as "flexy-bendy" as some other skaters, and I'd rather see her do a spin she can do well than a poor attempt at a spin she is barely capable of doing. Despite having some inconsistency with jumps in the past two season, her over-all jump technique is better than ever. No, she does not get the height that Irina gets, but her edges going into the jumps, run out, and feet position in the air are all superior. Her ice coverage on the jumps is also improved. Her speed has improved in the last two seasons as well.
3. Attack Risk is not the word I ever associate with MK (except perhaps when leaving Frank during the last Olympic cycle). The constant revising of "Bolero" is something which, I feel, ultimately left her unable to "attack" the program. In her best "shock and awe" performances, MK did not take so much what I would call "risks" as simply do everything she is capable of doing and turn the volume up on it - full blast. If she skates tentatively in Turin, I don't think she can come away with gold. If she throws down the gauntlet and dares the others to beat her, she should be on the podium.
4. The Unknown Without having seen anyone's programs for the up-coming season, it is difficult to gauge who is going to come out looking like a forerunner for Olympic glory. Add to this: health issues for a myriad of skaters (ladies and men, pair skaters and dancers). Then quadruple all those factors into the secretive and fickle new judging system, which will be facing its most rigorous scrutiny yet.