Aye, crivens, Rahul will do all he kin to become an onorary Scotsman. Now let's see if e kin wear a kilt
Seriously though, Scotland doesn't have a chance, at least if their opening batsman plays like that :P Add Bangladesh, Canada, and PNG to the list of hopeless (although Canada came close to beating Barbados in a West Indies tournament)
India I think have a pretty solid team, led by Ifran Pathan (if he plays there and not for the senior team - think he could be player of the tournament).
Watch out for Sri Lanka - they beat India in the prelims of that tournament only to lose in the final. They have another good fast bowler called Mohamed Maharoof, who took 4/22 against India.
Australia won both the youth ODI series (4-1) and youth Test series (2-1) when England toured during the Ashes. Some players are a bit too old now, but I still think Australia have to be considered among the big favourites.
EDIT: Zimbabwean youth cricket is quite good, but most of their eligible stars would play for the national or A team anyway.
Pakistan and Bangladesh struggled during the Asian U-19 tournament, I see no difference here. Nepal have a solid youth side, could come close to challenging South Africa and England for a quarter-final place.
West Indies could be an outsider - haven't really played that many matches, but at least Liam is optimistic
SA have played very little youth cricket the last year, so we'll just have to wait and see.