I'm not getting such a good vibe about Spain and their preparations for this tournament. They have problems in defence and up front and many of their players seem jaded both physically and mentally after many summers with no proper break. Of course no team can continue dominating forever and they have been on one hell of a run. I think that this summer is Germany's time.
The good thing for Del Bosque is that the last Clásico match was played in a good spirit, unlike many of the previous matches with all the bad tackles, diving and confrontations between Spanish international players on the opposing sides. He publicly said that he was concerned about the behaviour of his players during the Clásico matches, and about the risk of a potential Barcelona/Real Madrid divide re-surfacing in the Spanish NT camp (like during the Raúl days).
Saying that though players like Arbeloa, Casillas and Xavi have said that joining up for the NT is like a refuge and welcome relief from the all the pressures they face at their clubs and the rivalry with each other. A lot of these players probably enjoy playing for the NT more than for Barça or RM with the relentless pressure, internal politics etc.
With Spain's strong youth and coaching system and their never ending pipeline of young, talented and hungry players coming through they will remain a footballing superpower for the foreseeable future though (unlike before 2008 when they were a second tier team). They won't win every trophy under the sun but I can see them consistently reaching semi-finals and finals of major tournaments.
It will be funny to see the clubs complaining when Spain announce their squad for the friendly away to Puerto Rico on August 15th
. Barça's endless whining 2 years ago about the Mexico-Spain friendly at the Azteca for the Bicentennario was hilarious.