U.S., England, Germany, Brazil are all out - so who cares? I think I'll pull for Italy just to get under my son's skin;-) His grandmother is 1/2 french so that's as good a reason as any to root for the frogs to him.
France has the oldest (mean age) squad on the team. After winning in 98, they didnt score a goal in Korea 2002 and are now in the finals, thats remarkable considering, Barthez, Thuram, Gallas, Makelele, Viera, Zidane and Henry all played in 98.
Italy on the other hand, almost wasnt permitted to send a team because of the corruption allegations in Serie A. Imagine if say, the Yankees, the Dodgers and the Giants were all going to be relegated to triple and double A because of game fixing. That is basically what is going on there now, obviously the Italian players are playing with pride and want to make an excellent showing since many will be "free agents" because of this corruption scandal in the upcoming season.
Personally, I have soft spot for Zizou, the man plays with impecable elegance. Not the happiest guy on the field, but he is a pleasure to watch. With Viera and Makelele guarding his back and taking over defensive midfield duties, it frees him up and lets him recuparate. Ribery has great pace, Henry is a goalscorer...
but then the Italians all know Zizou from his days at Juve and probably can mark him well. Cannavaro is playing insane defense, I think the Italian forwards like Toni and Iaquinta are big and strong enough to get through to score, Barthez in the french goal is nowhere near the goalie Buffon is.
The more I think about it, the harder it is for me to make an educated guess. Either way, I dont really care which team wins as long as it is an open, attacking game and not a game decided by PK's or questionable referee calls.