As always I think Italia looks best on the paper though I am extremely biased! Espically after buying Italian NT couple of days ago!

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Seriously, Italia should have won the last tournament when they came with the minimum expectation and with addition of good young players I think they can go one step further. This is Totti's make or break one, I reckon. He might make himself a legend or another flop in the international stage. However, relatively strong defence, though not as good as the one in the last tournament, and midfield which have been significantly upgraded since the last WC, and strong forward line, though the one on the decline, should be enough to make at least the Semi's. Not taking Gilardino, IMO, could be Trap's biggest nightmare.
I do agree with Portugal that they are a bit overrated, nonetheless, I am expecting them to make a good run this year. This is last chance for Figo generation to win it hence they will be very hungry, and there are a few emerging players in the team. And lets not forget the X-factor, the home court advantage. Korea, England, and US have all shown in recent years that crowd can become take a mediocre team a long way. I think the first one is the crucial one: It is a must win game for Portugal IMO because if they dont the pressure on them might be too much to bear.
I am picking Czech to be dark horse. They are in a tough group no doubt but I was impressed with the way they defended against the Dutch, and qualified convincly. Have they peaked to early? Maybe. But Nedved, Rosicky, Jankulovski might make some noise. My gut feeling suggest that Germany could be their nemesis.
As for England, I think they are lacking one or two speical player to hold them together and make a run. Nonetheless, team is solid in general, and I reckon with some good teamwork they can make a strong challenge a la South Korea in last WC. Nonetheless without the crowd being the X-factor or any that real special player who can lead the team to the major tournament run, I think England is a bad outside bet given their high reputation.
Lastly, I am putting my neck out and going to say that France is the biggest unknown in this year's tournament. Everything depends on Henry IMO, whether that he can final establish himself as the very best or another mercurial talent below best in clutch moment. On the other hand, I would give more chance on Henry doing well than Totti.
Also I would like to see how their defence hold up especially against pace. In addition, I reckon their midfield is overrated even if Viera is one heck of a player. I think Dutch and England match against France quite well.
I would not be surprised if they came second in their group.