Well put except for that above formation - it looks ok on paper, I guess, but there's just too much space in midfield! Zanetti is a beast as a defensive-midfielder, his contributions are critical for that balance which you discussed.
However, I don't feel he can do that all alone and by simply spreading the ball wide.
As you said, we've always struggled to create chances, I think that formation will make it even harder. Unless Marchionni-Nedved don't hang too deep in attack on the flank, I think Juve would work better in a flat midfield formation. Bring in Nocerino and we'd have a good defensive link up in the middle.