Morfeo was a great talent but he was far from the best. He played for Parma, and back then, players like Totti and Fiore were dominating the AMC role. He simply wasn't good enough.
The problem is not that Ranieri doesn't understand football or simply hasn't developed his ideas. The problem is the formation itself. Many teams if not most, even outside Italy, play this formation. It doesn't suit Giovinco's playing style, and Ranieri's not about to change his entire setup for just one player, not yet at least.
... and rightly so, i would add! You CANNOT possibly throw away a playing system that eventually works (we beat roma, we beat real, i won't argue with anyone if we're having a 'good' tactical system or not, but you gotta watch the whole) only because there is a so-called wonderkid making his way. If fielding giovinco would mean no camo or neddy, then the choice is clear to me. It has been said all over again, we're not putting on the pitch players with the most potential and we're not selecting players because of their passport or their age or whatever. First of all, it's not clear whether he plays AML, or striker, or whatever. Well it's easy; if he wants to be our AML, then he needs to be better than nedved. If he wants to be our support striker, then he must prove he can do the things our capitano does. And it's pretty damn obvious to me that he's not yet on that stage.
I like giovinco, a lot really, and i'm both proud and happy he is at juve, but still, i believe that we shouldn't hurry in starting him too often, only because he has the potential. he needs to grow a lot (both physically and mentally), but as long as there is a nedved or a del piero in front of him, you can't expect him to kick those 2 legends out. He will get his chance, don't worry.
There's little chance we will play a trequartista any time soon, and that's ok in my opinion, because honestly, tactics with a AMC are pretty transparent. I mean everybody who saw yesterday's game of werder-panathinaikos knows what i mean - man-mark the playmaker and the whole offense is shut down. And then we don't have the wingers to play an AM, there would be our whole midfield attacking while only sissoko would be covering our back (even if he might be even able to cover the whole pitch

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So a trequartista is a fundamental change in our line-up, in our mentality, and in our playing style, i wonder if there is any player in the world worth doing all this.