Michael Owen tweeted this yesterday after England lost to Italy in the 2012 European Cup tournament.
Owen has a good point, if England had a player even similar to Pirlo, someone who could help them keep possession and control the game, the result might have been different for England. And Manchester United's Paul Scholes is just as good if not better than Pirlo. Just take a look at this video of Scholes if you don't think so:
It's a shame Scholes didn't give the English national team one last try and play in the Euro tournament. England has the talent, in Rooney, Gerrard, and Welbeck, but just needed someone to slow the game down and help them keep the ball. A player who could play both short and long passes. Someone like Pirlo.
Overall, maybe player for player Italy is the more talented team, but with a player like Scholes the balance could tip towards England. Need more proof, look at this Scholes pass to Ian Wright when England played Italy many years ago: