He's not in the final yet, but for all practical purpose, he had proven to doubters last year was no fluke. He had quietly but dominantly progressed to the 4th round, where he sent Nadal home last year to meet the other giant, Federer. It should be no surprise to anyone that if he can manage to send Federer home too, that he'd be the favorite to contest the title against Nadal.
Nadal, meanwhile, despite his undisputed reputation as King on the red dirt, must no doubt be relieved Soderling is in Federer's half this time around.
Can Soderling avenge his loss to Federer last year? The odd is still against him, but at least it will be much improved compared to last year. This time it will not be Solderling's first Slam final. Most likely he won't be giving away a set like he did last year. For the last 5 years, taking three sets from federer at RG is pretty much impossible if your name is not Nadal, but then taking three sets from Nadal at RG is something even more unthinkable.