England the third best team in the soccer world?

Spain are favourites at 4/1. Brasil are registered at 5/1 as second favourites. But looking at third favourites is where the fun begins. The biggest laugh is that England are registered as either joint second, or marginal third favourites on 5/1 or 11/2, depending on which accountant you wish to place your investment.
Hang on, England? I am currently typing this with amusement and bafflement in equal measure. I will admit to not having followed football as closely as I have in previous seasons. But I am not convinced (by a long stretch) that England are semi-final contenders, let alone the third best side in the world.
Let’s look at the case in their favour: an easy group. They should beat the USA, Algeria and Slovenia, you would think, and handsomely top the group. Traditionally England has always been slow starters in World Cups, so a draw against the USA is not off the table just yet. If they don’t get two wins in the first two games – will Capello rest his stars against Algeria? A bit of doubt, criticism in the press, an injury to Rooney and the whole band wagon may come crashing down.
But let’s assume they qualify top of the group – if all the results in the group stages go according to form, it would seem that England have the easier side of the draw. This means that both Argentina and Germany top their respective groups, pools B and C respectively. Both have relatively easy groups, which should see them safely on the other side f the draw. (But with the erratic Maradona in charge of Argentina – who knows what will happen)
This brings back memories of Italia ’90. England reached the semis that year, on an extra time goal from Platt, a Lineker penalty and New Order song. Well there won’t be an official England song this year, but the chances of a semi final isn’t too distant a prospect.
My doubts do centre on the captain Terry and I’m not comfortable cheering on Lampard. I still think captaincy should have gone to Gerrard, and my West Ham bias makes cannot bring me to like the portly one. But I will still be watching with interest.
Who do I think will win? That is a subject for another day....