Germany:
There are always a team which performed insufficiently in the group stages and then suddenly gets the call of form just in time for the elimination rounds. Portugal was the typical one in EURO 2004 and France in World Cup 2006. This time, it is the Germans. The team had barely got through the group stages, but inspirational performances from certain individuals provide them a sort-of dream final. German might miss inspirational captain Michael "the log"Ballack to injury.
Men to watch:

Bastian Schweinsteiger: The man that is giving me trouble in spelling and sometimes pronouncing his name. Almost a flop in the group stages with a red card, he turned inspirational in the knockouts.

Lukas Podolski: Top scorer for the Germans. A converted left winger with speed and good instinct for goal.

Miroslav Klose: Had always been impressive since I followed World Cup 2002. Best stuff is his aerial ability.
Spain:
After 44 years of waiting, the time has come. Simple said. Winning all matches in the tournaments, they can be called the slight favourite here. With a pool of talents, they have finally shag the tag of tournament underperformers. Also, their football technique is a joy to watch. Sadly, they will miss tournament top-scorer David Villa to injurty.
Men to watch (too many in fact, just pick three here):

Iker Casillas: The ever-present goal keeper for my generation since WC 2002. Always impressive and with good reaction. Arguably the world's best keeper for me since Kahn's retirement.

Fernando Torres: El Nino had always been a favourite to me. Skill, technique, aerial and pace. A complete package. Let's hope he perform better than in the semis.

Cesc Fabregas: Super-sub for most of the tournament matches, he is set to graduate into first team selection. Dynamic young playmaker with good passing and vision.
Who will win? I am a supporter of Spain. Nuf' said.