Court is pretty quick... and yes, conditions are near perfect for him, even the opponents.
However, the fact is that Federer is playing well, and moving well. Two things stand out for me, which he is carrying from the end of 2014:
Running forehand is way better than last 2 years.
Backhand is much more solid.
Yes, the bh has not been put to test this week, but given that all players in the world go after his bh, he simply trains it a lot, he probably hits 30% more bh's than any other player... so it is really much better now than previous years. Even in those ideal conditions of Brisbane, 2013 Federer would be eaten alive in those bh to bh exchanges he had with Dimitrov (even if Dimitrov's ball does not bounces that much).
I know that Broken can come up and remember how everyone is always optimistc about Federer in the begining of the year (and he is mostly correct), but comparing at least to 2014 and 2013, I think he enters AO with a better shot.
If he can tick all the boxes, he has a fair shot.
Disclaimer: Djokovic is still the favourite...