Well it might depend on how influenced the judges are by the impending use of the COP. Even though it is not going to be in effect for this competition, the utter importance of jump content might be diminished as judges place a bit more weight on the other elements in the programs (with one eye cast towards the COP). In that case, both Sasha's and Michelle's other strengths could counterbalance the relative lack of jump content. Of course, the other ladies would have to deliver on the jumps.
I also think another factor could be the qualifying round groups.
Last year, Sasha was in a more competitive QR group than Fumie. She had a good skate but finished third. Fumie was in a weaker group, had a mediocre skate, but wound up in a better position going into the SP. Overall, I thought Sasha had a slightly better competiton than Fumie but wound up behind her.
If some skater (Ando, Kostner, Arakawa) has three great skates jam packed with 3/3 combos and sells the rest of the program, then MK could wind up having to settle for less than gold and Sasha might once again find herself shy of the podium.
I do think there is room for a big upset. I can also imagine a scenario in which there was not one US lady on the podium.
I for one am not a jumpoholic so I could care less about the lack of 3/3s, but I'm not judging.
Oh gee, I forgot to mention luck in the random selections of the computer.