I have Mercedes being capable of a 14.9-15.1 if they let loose on C3's. Red Bull 15.1-15.3. The tide could turn come Melbourne, or on any track depending on any number of factors. Right now Mercedes has regained its low speed corner advantage but lost it's high speed corner advantage relative to Red Bull. The power units are almost dead even, pretty much nothing to choose between them over one lap, over a race distance the Mercedes still has a slight edge. If Red Bull can creep a tenth on Mercedes, oh boy.
At least that's my impression. I could be way off, and Mercedes can do 14.5 and it's over before it started.