Author George R.R. Martin vented on his LiveJournal about Game of Thrones' Emmy chances when placed against those of Walter White & Co.:
This is the final season of BREAKING BAD. I think GAME OF THRONES may have a shot at upsetting BB for this year's Emmy (only a shot, though, I think they are the clear favorite), which pits us against their previous season... but there's no way in hell that anyone is going to defeat BREAKING BAD next year, when their last season is the one in contention.
Admittedly, trying to handicap the Emmys is a mug's game. You never know. But for what it's worth, I think this year is our best chance of actually winning one. Given the splash the Red Wedding made, our profile is likely as high as it is ever going to be. We had a great season. If the Academy is ever going to give their ultimate accolade to a fantasy show (something that is by no means certain), it's going to be this year, I think.