I'm not really worried about motivation (we usually start off quite poorly and then improve as we go), but the lack of finalizing. We build a lot of movement but we rarely shoot for score. That's worrisome.I think it's all a matter of motivation, really. From what I've seen, Slovakia is really, really bad, and Italy's destiny lies in its own hands, entirely.
Italians can still defend their title, if they get their shit together. If they finish second in their group (which they probably will), they'll go against the Dutch in the round of 16, and the Dutch didn't impress me at all.
Other than that, I completely agree with you.