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Probably the only car likely to give the Mercs a run for their money. That Merc will be hard to beat though. Their power unit was awesome last year and I hear they've made large improvements.
Elsewhere, aside from all the car launches for this year there are major movements toward the rules for 2017, particularly regarding the cockpit halo or canopy ideas. Red Bull have been working on a half canopy design for over 6 months and are desperate to have their design approved over the open halo ideas. They've even said they'd make it for other teams if needed. Their idea is much better though and looks very good but they do already have 6 months head start over everyone else in terms of aero development etc. for it so they already have a huge advantage, which is obviously why they're so desperate to have it on the cars next year. Apparently the FIA like it too.
2018 could even see a fully closed cockpit canopy, similar to that of an F16 fighter jet!F1 cars are going to look quite different in the coming years...
Tidy
http://www.formula1.com/content/fom-website/en/latest/headlines/2016/2/f1-ferrari-red-and-white-livery-2016-SF16-H.html