I don't know if I would necessarily bet against it, however, I would put forth some caution into the extent of what some of the forecasts are in terms of its strength. I think its just way too premature to start tooting around x,y,z are happening because we have a super-strong that is developing.
I still don't necessarily see how a lot of comparisons can be drawn to how the atmosphere is responding to something developing, particularly when it comes to the ocean. There is quite a time lag between ocean-atmosphere response. It's not like the atmosphere is going full EL Nino mode because the ocean is warming...there will be some time before that warming in the Pacific has a full-fledged impact on the atmosphere.
For example, most EL Nino's, particularly stronger ones will tend to peak during the Fall at some point and begin to weaken moving through winter, but its not until the winter months in which you see a much stronger correlation to the impacts of EL Nino.