This is indeed a very highly anticipated fight! I will talk below about what are (in my opinion) far better fights coming up soon, but first my opinions on this one:
I'm going with Silva. Some factors to consider:
-Silva took Mirko Filipovic to a draw. Mirko Filipovic is a MUCH better standup fighter than Chuck Liddell.
-Silva, having faced some of the best fighters in MMA history, has never been KOed or TKOed (except the early fluke against Belfort). Chuck Liddell is a counterpuncher who relies on his KO ability, not his ability to win tough decisions
-If the fight were to go to a decision, Silva will almost definitely win. He is far more aggressive of a fighter, and his ground game is superior. Chuck cannot win a decision simply because he is a counterpuncher.
-Silva's standup game is more complete. The most vicious knees in MMA, and he is an excellent puncher also. the UFC octagon is pretty small, and Silva is very aggressive, so you know much of the action will takeplace in a standing clinch and not in distanced striking. Silva is the best clinchfighter in history.
-Were the fight to hit the ground, silva is far superior
-silva is bigger, stronger, and has faced far far far tougher competition
All those add up to my vote for Silva to win. That said, I think there is a slim chance that Chuck's famous counterpunching ability could nail Silva, but I just don't think it will happen. The only advantage Chuck has is that the fight will be in UFC rules and not Pride rules, which takes away a few of Silva's best weapons (headkicks/knees/stomps while the opponent's knees are touching the ground)
IMO, however, there is a far more awesome announcement made recently, the Pride OWGP semifinal matchups!!!!!!
1. Mirko Filipovic vs. Wanderlei Silva
2. Josh Barnett vs. Antonio Rodrigo Noguiera
The winners of these face eachother for the OWGP championship belt and a shot to fight Fedor Emelianenko for the Heavyweight belt!!!!!!!! This is crazy, amazing, cool, and unbelievable! If you are an MMA fan you MUST be salivating at the prospect of these fights!!!! Silva, Barnett, Noguiera, Filipovic, and Fedor are literally the five best fighters on earth right now, and they are all in this lineup!!!!!!!!!!!