Spain has found the right mix. With Villa & Torres you have probably the best "pure" striking pair in the world currently...Xavi, Fabregas, Iniesta (is he injured for Confed Cup?), you have top 2 or 3 of the top 10 creative middies in the world, Senna & Alonso, two of the top 5-10 holding middies...and with Puyol & Sergio Ramos at the back yuh have 2 of the top 5-10 central/wing backs in the world..I think it's mostly timing and fortune- sometimes in a nat'l program it just comes together like that- the right mix of youth, experience and a balance of talent spread across the field.
Under Del Bosque I think they might be better than than they were under Aragones- I wasn't awed by them in Euro 2008...In Euro 2008, they were neat & organized but their football wasn't that special in my opinion...The level of competition was just relatively poor- The France 2000, Holland 2000/2004, Czech Rep 2004 and Portugal 2000 were at least as good as, if not better than the Spain of Euro 2008 in my opinion....
To me, their one weakness is a tendency to lull themselves into a training ground routine where they pass the ball around alot at one speed, without being incisive. Their main strength is that all 11 players are comfortable in possession, and mobile off & on the ball, so every pass is calculated....
If they meet/beat Brazil on Sunday, they could possibly get a kind of confidence that would make it very difficult to topple them for a while....