I've been thinking about this a lot recently for obvious reasons, nice thread Lurker.
Obviously the Lakers chances of beating either of these teams is somewhere between slim and none. That said, I think I'd rather the Lakers match up with the Spurs this year. I think Phoenix is a much better, more balanced team this season with the way Amare has fit in to the system. It definitely adds another dimension to their team on both sides of the court that wasn't there last season when the Lakers gave them a scare in the first round.
As far as the Spurs, they're a super talented team with a ton of experience, but match-up wise, I like Kwame's chances of man'ing up on TD and giving him some fits. Not saying Kwame will shut him down, but Kwames one strength (if he has one) is his man on man D in the post. Second, if the Laker D can get physical with TP, he can get rattled. We've seen it in the past. Of course, we've also seen him scorch us in the past, but the Lakers chances of slowing down TP are greater than being able to slow down Nash, IMO. Assuming these stars align, the x-factor becomes Ginobili. His athleticism and versatility on offense will give the Lakers fits. If he's hitting his outside shots, forget about it. But if the Lakers can catch him on a couple of off nights offensively, I think we have a chance.
At the end of the day, I just feel that the Suns have too many weapons. Everyone here is saying neither team plays D, so it's a good match up. I can see that point; however, the Lakers have absolutely no chance of keeping up with the Suns offensively. In a 7 game series, when the pace slows down a bit and it becomes a chess game of match ups, I think the Spurs have slightly less offensive weapons that pose major match up probs for the Lakers which is the ultimate reason I'd rather they match up in the first round.