I can see the points for Iverson, Garnett etc. being leading contenders for MVP however it seems to me that such points are based on the individual players' statistics this season. The history of the MVP awards clearly dictates that the player named MVP belongs (leads his team) to one of the best - preferably the best record in the NBA. Just look at recent award recipients:
2004 - Kevin Garnett (T'Wolves with 58-24 record, #2 in NBA)
2003 - Tim Duncan (Spurs with 60-22 record, #1 in NBA)
2002 - Tim Duncan (Spurs with 58-24 record, #2 in NBA)
2001 - Allen Iverson (76ers with 56-26 record, #2 in NBA)
2000 - Shaquille O'Neal (Lakers with 67-15 record, #1 in NBA)
1999* - Karl Malone (Jazz with 37-13 record, #1 in NBA)
1998 - Michael Jordan (Bulls with 62-20 record, #1 in NBA)
*lockout shortened (50 game) season
All those players had strong seasons individually and simultaneously led their teams to great record. Even if Iverson has numbers better than he has right now he will not win the MVP award for this season. The powers that be who have the ability to cast their vote on the MVP this season will see he has nice stats yet fails to lead his team (at time of writing anyway) to a .500 record in one of the worst divisions in NBA history. The same can be said about Garnett whose team is still below .500.
As it stands the eligible contenders for MVP based on the above argument are Steve Nash, Tim Duncan, Dirk Nowitzki and Shaquille O'Neal/Dwayne Wade whose respective teams rank in the upper echelon of the NBA.
With all that said my pick for MVP is Steve Nash. Sure critics say "look at his team: Matrix, Stat, Q-Rich etc" but some forget that Stephon Marbury had the same team last season minus Richardson and that team had a horror season. Nash has been the catalyst for the Suns' turnaround from bottom dwellers to title contenders. He's not the best defensive player, however, the Suns seldom play hard-nosed defense meaning Nash doesn't have to play tight defense all the time. When your team averages 110+ points per game suddenly defense doesnt become top priority.