My favourite team is Bayern München. I use to watch every single match since 1997. It's quite sad they lost nearly all their big players in the recent years. I hope they will find some new ones in the next season.
Besides Bayern I like different teams who play a fast ball like Werder Bremen, Arsenal London etc...
It's quite hard to say who are my favourite players. I like every exceptional player, of course. The kind of player i probably like the most are players like Gattuso, Frings, Ballack and Essien. They are big fighters but also know how to handle the ball right.

@ hoagie:
The official name is Primera Division, i think.