I've got mixed feelings about the upcoming season. The cars are essentially the same as last year, so I expect the pecking order to be about where it was at Abu Dhabi. McLaren is the only real unknown here since they had to shoe horn a different power unit into their chassis.
Ferrari claim they have resolved the power deficit that they had last year, but we will see. Also don't think for a moment that Mercedes was standing still. So whatever gains Ferrari may have made could be moot if Mercedes were able to find any more improvements in their power unit.
Honda look like they are finally getting their act together, but as usual it's 2009 all over again with too little, too late. If Abu Dhabi was any indication though, Red Bull should keep Mercedes honest and will likely be able to capitalize on any mistakes that Mercedes make. Perez will not give Max or Lewis any trouble, but I think he will make life difficult for Bottas, and that may help Red Bull steal enough points to keep the WCC interesting down to the wire.
But I think this season will play out like 2013 where after the first few races the teams will stop developing the car and focus all their efforts on next year. So whoever is in front by the time they get to Spain will win out the rest of the year and take both championships.