Graham Arnold's side stumbled out of their group before eventually succumbing to a quarter-final exit at the hands of Japan on penalties.

But four years later, with a greater understanding of Asian football and open scars from 2007, Australia are one of the favourites to win the tournament.

The crux of Australia's team at the past two World Cups will play in Qatar, including the likes of Tim Cahill, Mark Schwarzer, Lucas Neill and Harry Kewell which should boost Australia's hopes of victory.

Brett Holman will hope to continue his meteoric rise in national colours and help an attack that could miss key striker Josh Kennedy because of a back injury.

If Kennedy is to miss the 15th edition of the Asian Cup, striker Scott McDonald, yet to represent Australia at a major tournament, will be required to break his international scoring drought.

Australia's main threat is likely to come from Korea Republic, who have lifted the Asian Cup on just two occasions - the last in 1960 - despite qualifying for the past seven FIFA World Cup finals.

Managed by Cho Kwang-Rae - who won 80 caps as a player himself - Korea Republic will be hoping to emulate the form they showed in 2010 FIFA World Cup qualification as they went through their group unbeaten.

Several of the nation's stars have been given ample time to rest following the World Cup, with Korea Republic to enter the tournament having played just four matches after their South African adventure.

The form of Premier League duo Park Ji-Sung (Manchester United) and Lee Chung-Yong (Bolton) will be crucial in determining the fate of Korea Republic, but they should have little difficulty getting through the group stages.

Having lost to Australia three times since 2006, Bahrain will fear another match-up with the Socceroos.

Salman Sharida's side will hope to emulate their fourth-place finish at the 2004 Asian Cup despite a dismal recent record which has seen them fail to win any of their past six matches.

Sharida is yet to see his side win since taking over managerial duties in October and will need to cap a leaky defence which conceded almost two goals a game throughout 2010.

Experienced defenders Salman Isa and Sayed Mohamed Adnan will be crucial to their success, as will Nigerian-born striker Jaycee John.

India will wear the underdog tag in the group, with Bob Houghton's side facing an uphill battle to progress.

Despite rigorous preparations that included a two-month training camp in Portugal, India's defensive woes have seen them concede 22 goals in their past four matches.

They also went point-less in the group stages of the AFC Challenge Cup earlier this month following defeats to Kyrgyzstan, Turkmenistan and Korea DPR.

Key Game: Bahrain v Korea Republic, January 10, Al Gharafa Stadium. With Australia taking on India first, Bahrain's clash with Korea Republic is sure to be crucial. If either side can manage a win they should qualify, with a match against India to follow. Korea Republic should have enough about them to win but their lack of match practice makes the chance of an upset higher, with Bahrain's calendar packed with warm-up matches before the tournament begins.

Players to Watch:

 Australia: Arguably the Socceroos' best-ever player, Tim Cahill has easily surpassed Kewell's feats for country with an incredible scoring ratio of 21 goals in 46 matches. Loves scoring important goals, works his socks off and has a habit of being in the right place at the right time.

Bahrain: Known as 'Ringo', Mahmood Abdulrahman's pace, strength and eye for goal have seen him compared to Real Madrid star Cristiano Ronaldo. He brings the star quality to Bahrain's side and is a threat from any dead-ball situation. He scored three goals in the 2010 FIFA World Cup qualifiers, including a pair of free-kicks against Uzbekistan.

India: Scottish Premier League giants Celtic were rumoured to be keen on Sunil Chhetri while only the failure to get a work permit denied him a move to English side Queens Park Rangers, who are currently on top of the Championship. Currently playing for Sporting Kansas City in the MLS, the striker is gifted, quick and has a goal-scoring ratio of one-in-two for his country, making Chhetri one of India's key men.

Korea Republic: Lee Chung-Yong is one of the major reasons Bolton have shot into the top half of the English Premier League. With an eye for goal, Chung-Yong scored against Argentina and Uruguay at the 2010 FIFA World Cup. Despite being just 22, he has already racked up 30 caps for his country and has that extra bit of quality that could help Korea Republic lift their first Asian Cup in more than 50 years.

Prediction: Australia should top the group and are given the perfect chance to begin the tournament well when they face minnows India. Korea Republic will entertain with their exciting brand of football and should finish second, but they will face competition from Bahrain, making their match just that little bit more crucial.