The basic problem with any ranking is that soccer is not a transitive game. If A beats B and B beats C, it does not follow that A beats C. Styles do matter. I think a team like Panama, with their fast counters and quite good long-passing, could give Italy a very hard time. Which doesn't mean they are equal to Italy. Just that their style seems to me, perfect to give them trouble. On the other hand a very organized team like Republic of Korea could prove impenetrable to the Canaleros, and I think they could dispose of them fairly easily. Which doesn't mean that Korea is better than Italy. It's only a matter of styles.