Yea Spain are the best team in the world, and Italy's best scorer was sent home. But who cares. Spain play a modified 4-3-3 or so, doesn't really matter since they switch formations every 10 seconds. Italy are playing with only 3 in the back. Does this matter? No. Spain don't score on the fast break which is why Italy can get away with this. Spain possess and bring the ball up slowly, which means the midfielders on Italy can get back. Italy are known for their counter attacks which is the only way Barcelona/Spain lose games. Italy also have an extra man on Attack.
Spain should be a slight favorite, but this game is virtually a pick em. Spain have never been in the Confederations finals before. There is pretty good value at +200 here.