I spoke with Phil Heath at the Fit Expo earlier this year. He was charged up and pumped up to win his third Mr. Olympia and therefore give himself a dynasty (three straight wins). He repeated the word dynasty several times in our brief conversation; it was obviously important to him. It would establish him with a couple of the Mr. Olympias from decades ago. Frank Zane and Sergio had three straight wins each. (Cutler won two, lost, and then won 2 more.)
Can Phil Heath hold onto his title? The short answer is yes, but the longer answer involves a few variables. If Heath comes in looking just like he did in 2011, he will win. If he improves on that 2011 form, he wins. It will not matter what anyone else looks like or what kind of shape they show up in. A 2011 or better Heath beats everyone.
If Heath comes in looking a little smoother like he did during the judging...
And Kai shows up in his 2009 AC form, Kai might knock him off the pedestal.
And if Cutler comes in looking like he did in 2009, Heath will place behind Cutler.
And if Rhoden comes in his best ever form (one we still haven't seen) I think a 2012 smoother Heath will still place ahead of him.
Personally, I think this scenario has a strong possibility and with these variables, it is probable that Heath will win his third Mr. Olympia and gain his dynasty.