Here are my ratings.
Firstly Spain. Individually as good as anything in the tournament but don't ever back them until they have won a major tournament. People have been talking them up since time immemorial. When the real stuff starts in the second round they will come up short as they have every time since the 1960s. When they win something then start backing them.
Germany, back against them at your peril but ultimately they will not have enough quality this time round.
Portugal, playing at home is a massive advantage and they could go all the way to the final but I feel the expectancy level would then be too much.
Sweden, dark horses and they the Scandanavian resoluteness and emotional detachment could see them through to the semis but when the crunch comes they will not be quite good enough.
England, still not the sum of the individual parts. Concede possession far too easily indicating a poorer than average technical ability. History suggests nauseatingly British gallant failure in a game that should have been won or calamatous errors that result in a game being lost from a winning position.
Czechs, again ultimately not enough quality at the crunch times but otherwise could reach the final.
Italy, pedigree, the best defence(?), good strikers, top class keeper.
France, rubbish so far but who cares. They have the quality and track record - since 2002 - to win.
Verdict Italy or France to win