If the French do make it out of group play they are looking at two teams from Group H as potential round of sixteen opponents. Saudi Arabia, Spain, Tunisia, Ukraine are the candidates.
France is defintely not the squad they were from their World Cup and European Championship winning campaigns. And I definitely wouldn't be too confident with Barthez back there, but they should have enough to get out of Group G, and should be favored.
That being said they should match up well with any of the group H opponents they run into in the knockout round. But that would be about it because Brazil or the Czech Repulic loom in the quarterfinals.