I still expect France to win it all and for Italy to disapoint in large part because of Trap, but it has become clear to me that Italy has the best balance of talent between offense and defense. If only they would play well as a team, they could easily win the tournament. France, still the favorite, while having more offensive talent than Italy, does not have a defense to match to Italy. The same goes for Spain, who are not considered 2nd most likely to win by oddsmakers (Italy was 2nd in many cases before it started), although Spain's defense is even worse than France's. England has a good balance of talent, but just not enough great players on any part of the pitch.
There are talks of starting Pirlo and bringing up a 2nd forward... there are numerous midfield/attacking options with players such as: Pirlo, Cassano, Di Vaio, Vieri, Del Piero, Fiore, etc.... I believe with the right mix, and if the players produce, Totti's void can be filled as he has not even lived up to his reputation anyway... I mean it's not like he has been carrying Italia on his back, setting up or scoring every goal. Italy, if they come out as a team and perform well, can overcome Totti's loss IMO. But hey, we'll all find out tomorrow FORZA ITALIA
I think the problem with this team is their style of play. There is too little quality midfield play, IMO. It seems like far too often, Italy settle for running down long balls hoofed upfield by their defenders instead of opting for quality buildup play through the midfield. That style won't win a team many tournaments in this day and age.
I know that this sounds stupid but Totti's suspension was the best thing that could ever happen to the Azzurri. They relayed too much on Totti, he is probably one of the best players currently in Europe but everyone on Italy will pull through in his absence!