Catenaccio is what others have branded the Italian style of play.
It is to lock-up the defense by soaking the field with defenders and midfielders and leaving only at least one to attack. This tactic, which has become an art, perfected by the Italians, worked during the early 90s. It has constantly confused a lot of teams by dominating the possession in a match, but losing in the end by just a single goal from only a fraction of attacks.
This sort of play has become utterly unattractive, espeically to the English fans who are used to the EPL where only a handful of defenders take pride in what they do. They take into consideration more the attacking aspect of the game. *No offense, but I am making this statement as comparison to the Italian game.
Catenaccio has been adopted by a lot of coaches and clubs during the past decade, including Trapattoni and sometimes, Lippi with Juve during his time. Inter Milan used to adapt this tactic by leaving Bobo alone on top. Fiorentina used to adapt this tactic during the times of Batistuta, although I do not recall anymore who their coach was during that time. Take note that it was highly effective during the early parts of its popularity. But modern times have created new and magestic players who could breakdown defenses. Examples of such are: Zidane, Henry, Ronaldo, Del Piero, and Shevchenko just to name a few. And Catenaccio has recently failed lived up to its name.
Catenaccio certainly isn't entertaining when it comes to the "Neutral" fan. But those who are more inclined to football learn to appreciate the beauty of this art. The defense and total dedication to tactical solidity of the entire team, and precision and grace in attack.
Discipline, and swift counter-attacking is what Catenaccio is all about.