I agree with Lippi not calling up Cassano (one of your call ups).
The only thing I think Lippi should have done differently is trying out youngsters like De Ceglie, Balotelli, Giovinco, etc earlier. It's too late for that now though. I certainly wouldn't bring anyone to the World Cup who hasn't had experience of competitive internationals before now.
The bottom line I think is that the players at his disposal now aren't anywhere near as good as the ones from 2006. In 2006 they were lucky enough to have a squad at it's prime that coincided with a World Cup. The stars of that squad are past their best now and the new players are all either not as or haven't got the required international experience (again, the only thing I might blame Lippi for, but it is his call and I think he's decided that they aren't good enough).