As always, based upon realistic chances of winning, not the bookie's handle...

Lorena Ochoa (Mexico) (7-1) – Ochoa is clearly the world’s best player, and the defending champion, so favorite status is a given here.  However, her form his dipped a bit of late (she’s winless since mid-May) and a T31 at June’s U.S. Women’s Open is by far her lowest finish of 2008.  But who can confidently bet against her?
 
Annika Sorenstam (Sweden (12-1) – Since logging back-to-back victories in late April/early May, Annika has struggled a bit, logging only one top-10 finish in six starts (though that was a T3 at the McDonalds LPGA Championship).  If she’s to be taken at her word, this will be her final Major championship, so motivation should not be an issue.  Tied for 13th when the Open was played here in 2004.
 
Paula Creamer (USA) (14-1) – Such has been the dominance of Lorena Ochoa (and the media appeal of Annika Sorenstam’s impending retirement) that Creamer’s three 2008 victories – a great season most years – seem to generate relatively little buzz.  Still, she’s only missed the top 10 once in her last six starts, and she might be the only entrant as motivated as Annika – because she’s getting20tired of the “best player never to win a Major” tag already.
 
Angela Park (USA) (18-1) – First, is their sounder, more solid swing in women’s golf?  This is yet another of the LPGA’s young warriors, but Park has a real Major championship résumé, having tied for 2nd at last year’s U.S. Women’s Open, and 3rd in this year’s playing, as well as claiming 5th at the ’07 LPGA Championship.  Further, she’s finished among the top 4 in three of her last four starts, including a playoff loss last week in France.  It might well be her time.
 
Suzann Pettersen (Norway) (19-1) – Though twice a winner this year in Europe,  this perennial top-five player has yet to really find 2008 form in America, though she did finish 2nd at June’s Wegman’s LPGA.  For a European, her record at the Open is disappointing (never bettering 24th in six starts, and missing the cut at Sunningdale in 2004) but her game seems somewhat on the upswing, and the overall talent is certainly still there.
 
Na Yeon Choi (Korea) (20-1) – A trendy pick, which is not hard to understand given that s he’s finished  T8, 3rd and T2 (losing last week’s Evian Masters in sudden death) in her last three starts.  This will only be her 5th career Major championship, however, and last week’s loss (wherein she led by four strokes early on the final nine) may well prove deflating.
 
Ji-Yai Shin (Korea) (22-1) – A tough player to handicap because she plays primarily against limited competition on the Korean tour, but this 20-year-old has already proven her mettle in the West by finishing 6th at the 2007 U.S. Women’s Open.  Gave the LET’s best a run in Australia during the winter, and may well be ready to contend here.
 
Yani Tseng (Taiwan) (23-1) – Another trendy pick, and perhaps rightfully so.  This strong, young player had virtually no Major championship experience prior to 2008 but won the McDonald’s LPGA Championship (in sudden death, no less) anyway, and has logged three additional 2nd-place finishes in regular PGA events as well.  An intriguing pick.
 
Helen Alfredsson (Sweden) (27-1) – The 43-year-old Alfredsson might well have been considered yesterday’s news just one month ago, but a 2nd-place finish at June’s U.S. Women’s Open, and a stunning playoff win at last week’s Evian Masters have suddenly vaulted her back into the limelight.  Can she win?  That’s a bold call – but her form certainly suggests she can contend.
 
Cristie Kerr (USA) (30-1) – Though winless in 2008, the 2007 U.S. Open champion has been playing solid golf of late, finishing no worse than 13th in her last five starts.  Also notable are her T5 and  T2 finishes here in 2005 and ’06 – but given her overall level of ’08 play, a victory seems something of a longshot.
 
Jeong Jang (Korea) (32-1) – The 2005 Open champion was running hot back in May (three straight top-three finishes) but has cooled a bit of late, save for a T3 in Rochester in late June.  As always, a threat to crack the top 10 and make a bit of noise, but her reputation for not winning in proportion to her generally high level of play does have some validity.
 
Karrie Webb (Australia) (35-1) – This Hall-of-Fame member has really experienced an up and down season, with four top-five finishes…and numerous lesser ones.  She won this event in 2002 and tied for 3rd the next year, but her overall recent form makes Webb a dicey proposition if you’re betting her to win.
 
Maria Hjorth (Sweden) (45-1) – This long-hitting Swede has had something of an up-and-down season, but the ups include a solo 4th at the Kraft Nabisco and a playoff loss to Yani Tseng at the McDonald’s LPGA Championship.  Hasn’t made much noise in her last three starts, however, so really something of a longshot this week.
 
Karen Stupples (England) (50-1) – Something of a longshot to be sure, but Stupples 2008 performance must be judged in the context of having missed most of 2007 giving birth.  Not a popular pick in most quarters, but having won the 2004 Open at Sunningdale – with a record-tying 19-under-par total, no less – she cannot completely be ignored.
 
Morgan Pressel (USA) (55-1) – I’ve been riding this hunch since the Kraft Nabisco, but Pressel continues to struggle – though at least she hasn’t missed a cut since mid-May.  The 2007 Kraft Nabisco winner did manage a tie for 6th at the McDonald’s LPGA Championship…but I’m still just playing a hunch.