Just because an Italy team makes the semi doesn't mean they are good; it depends who they beat to get there.
Also, this Italy team, no matter what they do, is mediocre compared to some of the great Italy teams of the past.
You have the point here, this team looks miles away when compared to some Italy historical ones.
But I think that you need to beat at least one good team to get the semis.
It is true that previous Italian NT didn't have a proper opponent until the very last stages (Germany in the semis) but in my opinion this Italian team would suffer the embarrassment against Ghana,USA,Czech Rep(at the time),Australia(under Guus) and Ukraine. Having no decent fullbacks , struggling Juventus defense, wingers that are far from good and Gilardino,Pazzini,Rossi,Iaquinta,Pepe and Di Natale in the attack(maybe the best part of the team) makes me feel that they're not capable of reaching the quarters.
But true ,comparing to some previous Italian NTs this one is mediocre, sorry didn't follow you properly Red.