Rambling post ahead as I want to comment on a couple of unrelated matters.
First, a quick TY to posters who’ve commended the thread. And thanks as well to all that have posted here.
I happen to find the whole world of F-1 fascinating and although it is a sport that I came into rather late in my life I think it is the most challenging of all in terms of the huge number of variables present not just from season to season, but race to race. As footie/boxing/tennis fan of over 40 years, I can confidently say that is not the main attraction in those sports. The rules are the rules, and the ‘cars’ for the most part, remain pretty much the same. In F-1 one almost always seems to be in learning mode – as supported by the evidence that even McLaren was unsure of procedure in Melbourne. Well, not a very good example but you know what I mean 
HongKongFooey, yes, very much so. Sepang has all the makings of a fascinating weekend all on its own – no Hamster distractions needed.
As almost always FP 1&2 really shouldn’t be used as indicators to the main events, but at the same time, it’s almost impossible not to do so – even when its only a week between races and one shouldn’t expect many (if any) significant changes. In that vein, it is rather striking to see the improved pace on the Ferraris and RBs relative to the apparent slide of the BGPs. However, upon further inspection, once again we have a very, very tight grid, with less than a second separating cars 1 through 15. Throw in all sorts of possible, or likely scenarios such fuel-loads, tires, aero set-ups, ballasts and KERs and I am afraid we’re left with little to go by.
The fact that the race is delayed 2 hours from its usual start is yet another variable that could make the Malaysian GP, completely unpredictable. Always a tough race due to the heat and humidity, they’ve now added a very real possibility of a very wet race – as rain typically comes down later on in the day. If it does I’d almost say all bets are off, though it’s also true that some drivers handle the wet stuff better than others: Vettel, Hamilton, Button, Webber and Alonso, based on past results, over Massa, Glock, Trulli, Barrichello, Rosberg and Heidfeld, with Kimmi somewhere in the middle as he is very good on drying surfaces. Not sure where you’d put the rest of the field.
What we do know from today’s practice sessions, from any number of driver’s quotes is that the compounds Bridgestone brought to Sepang (hard as prime, soft as optional) appear to be holding up a lot better than they did in Melbourne – with the softs having a distinct advantage in speed. Thus rain notwithstanding I believe there’ll be an extraordinary amount of thought given to tire strategy, to the point where it wouldn’t be surprising to see a team or two, go on the optionals for a couple of stints as opposed to the norm.
All that said, I think I’d still tip Button for the win though this time I won’t add Barrichello to the podium as he’s been hit with a five place grid gearbox penalty. However I think it’s very doubtful that within a week anyone could have caught-up with the Brawn. I’d wild guess a Ferrari (Kimmi) and Rosberg (Williams) or Alonso (my biased pick, but even if not 100% fit this is a favorite circuit of his) to complete the top four in that order. Or not.
If it rains (hoping it’s not monsoon conditions for that’ll surely stop the race), all bets are off. As will any number of cars!
Dead Cat, I quite enjoyed how you put that, but yeah, in a nutshell, you have it exactly right. 
Track: Petronas Malaysian GP
Qualifying and Race times to the right of same page.