Basketball Prospectus has done some awesome, awesome work since Selection Sunday, and if you're not reading their stuff, you should be.

The link above goes to previews of all the Sweet 16 games by John Gasaway, while this story by Ken Pomeroy evaluates the statistical probabilities of each of the remaining teams to advance and perhaps win the tournament. It also includes fun (read: awesomely obscure) statistical facts about each team.