Well, not as much as the Red Sox or the Yankees, but compared to all the other AL teams, they come out pretty nice, with the best shot at stealing the wild card away.
Diamond Mind's annual standings - an intense statisical model of the season, run 100 times - are posted at http://www.diamond-mind.com/articles/proj2005.htm .
The O's end up with an average record of 80-82, which is a nice record for a division with two 96+ win teams. More importantly, 6.5% of the time, the O's end up winning the wild card. No other non-BOS/NYY team has even a 3% shot.
The system figures the AL West will be top to bottom competitive enough that'll be hard to pick up enough easy wins to compete for the Wild Card time after time, and no besides the Twins in the AL Central are a reliable contender.
The other surprise is the system really doesn't like the offense - they're end up with 7 most runs scored in the AL, right in the middle, but they also end up in the middle for runs allowed.