I'd substitute Sweden for the US. Their IIHF ranking is 3rd. They won the gold in 2006. I really like their roster - Kronwall, Franzen, Sedin twins, Zetterberg, Alfredsson, Backstrom, Lidstrom, Ohlund, Lundqvist, etc.
Obviously, the US can't match talent for talent with Russia or Canada but they are legitimate contenders to medal simply because of the game-changing presence of Ryan Miller, who will be starting EVERY game, and I do believe he is the best goalie in the tournament.
USA's defense is questionable though. It's a great defense for an NHL team, but not one of those players would have made the cut for Canada.