Counterpoint: the non-Lebron/AD Lakers roster was very bad last season also, I don't think it's much different this year.
Also, LeBron's alltime record in non-Finals playoff series is a ridiculous 35-4. Obviously that will end at some point, but I would not bet against him if he is healthy (big if).
14-0 first round
11-3 second round
10-1 conference finals
4-6 Finals
A lot comes down to Lebron's health, as you mentioned. If we see Lebron from last year I would obviously improve their odds. If they sweep the Suns and Lebron looks great, then certainly that changes things, but I think that's unlikely.
He certainly didn't look like that guy last night. High ankle sprains take a long time to heal, can scar quite a bit leading to additional discomfort, and can also go along with other injuries that may not have been been publicized.
I honestly don't see this version of Lebron/AD as a strong favorite against any team in the West other than the Warriors/Grizzlies (who they almost surely won't play). I'm sure they aren't exactly a 50/50 bet against each of the top 6, but something in that range feels right to me.
That puts them at a pretty significant underdog to make it out of the West in my mind, in that 10-15% range I mentioned. I saw them at +200 to win the Western Conference recently, and I definitely disagree with that line without some more concrete proof we are going to see near-peak Lebron.