Yup, thats correct. I think the pressure seems to get to the Spanish. The Dutch just seem to end up fighting between themselves and implode. The talent available to both teams is frightening, it's just the mentality that seems to be lacking unlike the Germans.
And the Italians.
As for the Dutch, they're not gonna win anything with this coach. He can't stop fighting with his best players, first Van Bommel then Seedorf. IMO, these 2 are the pillars of the Dutch team along with Van Nistelroy.
As for Spain, they clearly has no problem with talented players in all departements so the problems clearly lies with chemistry in the team which is the responsibility of the coach.
Italy and Germany may not have as much talented players but they've got discipline and tactical commitment which the most important factor of a great team.
France has got a little of this and a little of that and it's a strong contender.
France, Germany and Italy are the favorites and the black horse should be between Croatia, Romania and Russia, IMO.