Ferrari and Mclaren are set to domainte F1 2008, and the betting markets reflect this. Therefore, for value bets I've looked beyond this market to 'Betting without Ferrai/Mclaren' at Ladbrokes (B365 have also priced it up).
The leading teams for this market are Renault, BMW, Red Bull and Williams. In recent testing it appears, compared to last year, the BMW have dropped back into the pack and these teams are running at similar paces. The odds on the drivers for these teams are:
F Alonso 7/4
N Heidfeld 7/2
N Rosberg 9/2
R Kubica 5/1
M Webber 14/1
N Piquet Jnr 14/1
D Coulthard 16/1
K Nakajima 40/1
I think the bet has to be Nakajima. The Williams have progressed well over the Winter and performed well in recent testing. The difference in price between his teammate Rosberg (9/2) and Nakajima (40/1 )is too large. Nakajima performed well previosuly in GP2, being awarded 'Rookie of the Year'. His performance in his first race last year (the Brazil GP) showed his raw pace (and, less helpfully, his ability to make mistakes). I'd make him an approx 10/1 chance.
Update: Ladbrokes also have a 'hancicap' market (As below). I've had 1pt on Nakjima at 12/1 (max allowed - I tried to place 4pts).
Kimi Raikkonen (+0) 8/1
Lewis Hamilton (+7) 9/1
Felipe Massa (+15) 9/1
Heikki Kovalainen (+37) 8/1
Fernando Alonso (+45) 12/1
Nick Heidfeld (+65) 12/1
Nico Rosberg (+66) 10/1
Robert Kubica (+68) 10/1
Nelsinho Piquet (+75) 14/1
Mark Webber (+76) 10/1
David Coulthard (+79) 10/1
Jarno Trulli (+82) 10/1
Kazuki Nakajima (+82) 12/1
Jenson Button (+84) 8/1
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