I thought Italy looked remarkably good today. Having Pirlo back in midfield makes them a completely different team offensively. He didn't even have that many touches (for him) but he effects the flow so dramatically.
And Spain are going to be in trouble in future rounds without Puyol in defense, especially against Germany's size (although Podolski looked horrible in their first match), if they run into each other.
All in all, I think this one's completely up for grabs. Hell, I wouldn't be shocked if Russia came away champs.