To sum up:
All lapped significantly faster than last year when Rossi topped the sheet with 2.01.5, a time that now would have given him the 8th place.
Honda looking fastest, with all factory riders alternating at the top, + Aoyama; Stoner not as dominant as expected, Simoncelli the big surprise.
Yamaha as fast as Honda with both factory riders (Spies occasionally faster than the world champion). Probably more consistent than Hondas in the pace.
Ducati slowly adjusting to the after-Stoner era. Rossi progressing, getting gradually faster as he knows the bike better, finds his setup and forgets his old Yamaha (and as his shoulder gets stronger). Problem is, Ducati does not seem to have improved as much as Honda and Yamaha, althoug Hayden also lapped faster than last year (actually both Hayden and Rossi lapped faster than Stoner's 2.01.9 in last year's tests). They'll have to catch up but there is hope.
Suzuki looks improved. However they looked good in tests in the past, then deflated in the actual racing.
In 20 days we'll know more.