This year’s Olympic men’s ice hockey tournament was expected to be hard-fought, and the first two days’ worth of action have done nothing to disappoint. Although Canada was the prohibitive favorite going in, there are at least four or five other teams with legitimate gold medal aspirations. But even prognosticators anticipating upsets could not have anticipated the number of surprises seen during the tournament’s first two days.

Expected to romp through the preliminary round, some of the traditional hockey powers have instead encountered unexpected adversity. As a result, the final three days of the preliminary round are shaping up to be extremely dramatic, and it’s quite possible that a medal favorite will be on the outside looking in when the playoff round begins.

The biggest upset of all came yesterday, when the Czech Republic fell 3-2 to Switzerland in what might well have been the biggest win in Swiss hockey history. The Czechs never held a lead in the game, coming from behind twice before ultimately falling to the Swiss team on a power play goal by Mark Streit. Colorado Avalanche netminder David Aebischer was stellar in goal, stopping 40 of 42 shots, seemingly always in proper position. The Czechs’ loss, combined with their unimpressive victory over the Germans, puts them in a very difficult position as the weekend approaches.

On Saturday, they will do battle with the always-tough Finns, and depending upon the result of that game, it’s quite possible they won’t make it through to the playoff round. The Czechs’ final game of the preliminary round takes place on Tuesday, against Team Canada, and the Canadians would relish the opportunity to avenge their 1998 shootout loss and send the Czechs home early. Making matters worse for the Czechs, Dominik Hasek went down with a groin injury, and though Tomas Vokoun is perhaps the better goalie at this point in their respective careers, the Czechs will miss Hasek’s big-game experience if he is unable to return.

The Russians got off to a rough start in the tournament, falling to the Slovakians in an upset on Wednesday, but turned things around in dramatic fashion against Sweden yesterday, re-affirming their status as a legitimate threat to win gold.The Rangers’ Henrik Lundqvist made his Olympic debut in goal for Sweden, and he shut the Russians down for nearly half the game. But then the floodgates opened, and when all was said and done, the Russian team had come away with a dominant 5-0 victory.

Pittsburgh Penguins prospect Evgeni Malkin played an excellent two-way game throughout, killing penalties and earning an impressive assist on Russia’s third goal. And Evgeni Nabokov, who makes his living with the San Jose Sharks, was immaculate in goal, stopping all 24 shots he faced and giving up precious few rebounds. Making his task easier, tenacious Russian blueliner Vitali Vishnevski was in the Swedes’ faces all game long, battling in the corners and in front of Nabokov’s crease. It’s clear that when the Russians play as a team, they are incredibly difficult to stop.

The United States also got off to a somewhat rough start on the first day, tying a Latvian team that far exceeded expectations. Former Hurricanes goaltender Arturs Irbe was sensational, stopping 39 of 42 shots fired upon him by the Americans while making a strong case for why he deserves an opportunity to return to the NHL.

Yesterday, the Americans got themselves back on track, and though the final score of 4-1 was fairly close, they dominated Kazakhstan by virtually every meaningful measure. Keith Tkachuk didn’t score in the game, but he was an absolute force playing on a line with the Devils’ Scott Gomez and Brian Gionta. If that line enjoys continued success, look for Tkachuk-to-Jersey rumors to heat up after the Olympic break concludes.

As expected, the Canadians came away with decisive victories over Italy and Germany. They should have a fairly easy time against Switzerland on Saturday, with the Czechs’ experience yesterday serving as a valuable object lesson in what happens when the Swiss are underestimated. Canada should benefit greatly from playing their easiest matches first, as it gives their star-studded lineup a much-needed opportunity to gel.

All in all, the first two days of the Olympic hockey tournament have provided compelling entertainment. Much like the NCAA’s March Madness, there has been non-stop hockey on television all day long, with NBC televising each and every game. And though it seemed a foregone conclusion that teams hailing from Switzerland and Latvia would not emerge from the preliminary round, they have instead given their passionate fans good reason to hope. And as the single-elimination playoff round approaches, any American hockey fan who remembers 1980 knows just how powerful hope can be.

Mr. Greenstein is the editor in chief of InsideHockey.com.