I wouldn't be so sure. They always peak in the period between World Cups and consequently fail to perform when it counts. I guess the only possible exception this time round could be that they actually have 2 pretty decent teams, so they have depth.
And Italy, I hope, will win the WC
football. My girlfriend is half Italian and has been so obsessed with football, it's quite hard to believe. She came home yesterday and demanded I switch the football on to watch the pre-pre-game build up. If they don't win, I think our place could be quite miserable for the next few weeks.