Well, I don't think the Italian side is that weak at all tbh.
If you look at the forwards, players like Vieri may not be at their best, but youngsters like Cassano and Gilardinho are looking very good.
In the midfield, Italy has Pirlo, Totti, Gattuso who are all world class and future stars like De Rossi
The defence is extremely solid still
The goalkeeper is excellent too.
My point is, Italy have the class to do very well in the next WC and many of the players coming through will be more mature.
However, in saying this, Brazil and Argentina look to be preparing some VERY special sides