The Ravens have already been annointed as the AFC team in the Super Bowl this year and I think their hype is a bit over the top. Their defense was mediocre last year without Ed Reed and now he starting on the PUP list. Their Run D is still very good, but as others have said on here there secondary is shaky at best (especially without Ed Reed). They do have a lot of weapons on offense and I agree Flacco takes the next step this year, but I still think the Colts, Bengals, and Pats are front runners for the AFC this year.
The Colts defense is incredibly underrated. Bethea and Sanders along with Freeney and Mathis (Jerry Hughes adds nice depth) makes this pass D one of the best in the league. Their Run D certainly has holes but with their Pass D and their offense being as good as it is, I still think they have to be the front runner.
The Bengals offense got better with the addition of TO and their defense was their strength last year. I think if the Bengals offense takes the big step and becomes what they should be, this could be the most complete team in the NFL.
Brady will always make the Pats dangerous and as long as Moss isn't blowing up the team due to his un-happiness or Welker isn't re-injuring his knee, the Pats offense will continue to be deadly. Defensively, they have gotten younger and Bellichek has always proven he can at least field a serviceable D even without the star players (although Mayo will prove this year he is one of the best MLB's in the game).
I think the Phins are right on the cusp in the AFC to go along with the Jets, Texans, Chargers, and Ravens. The Steelers need to start at least 2-2 while Roethlisberger is out or I can see them struggling and the loss of Holmes will also be tough on that offense even once Ben is back.
In conclusion, the Ravens in my opinion are not nearly as good as they have been touted to be. Flacco will need to take the next step (which is very possible) and more importantly, they need to figure out how to fix their secondary (not as likely) for them to be a favorite in the AFC.
As for the game on Monday night, I think the Jets being at home on MNF will give them the lift they need to beat the Ravens. This just seems like one of those games where both teams are very close in overall talent and ability and the home team prevails in the end.