2 of the teams you mentioned, Algeria and Estonia have had decent times of it of late though. Algeria qualified for WC2010 and Estonia came 2nd in their Euro 2012 qualifying group beating Serbia for example. As someone else has already said it's not a perfect science but you can see why teams...
If Muniain was English he would be our best player already and he didn't even get in the Spanish 23 for the Euros. He is going be seriously, seriously good.
Spain have announced their provisional squad and it would probably give England seniors a very good game. Wouldn't be surprised if they beat it to be honest.
Goalkeepers: De Gea (Manchester United), Robles (Atletico Madrid), Marino (Villarreal)
Defenders: Azpilicueta (Marseille), Alba...
The list of players with Olympic medals isn't to be sniffed at. Admittedly as mentioned the South America's do take it more seriously but they're are still some of the biggest names in football.
Players with an Olympic Gold Medal:
Sergio Agüero
Javier Mascherano
Lionel Messi
Ezequiel Lavezzi...
To be fair Casillas, Buffon and Neuer you could have picked at the start. Given more time and a growing reputation Hart will be up there. Did Neuer have a much better tournament than Joe? I don't think so. It's easy to be down about England players but Joe Hart really is a saving grace for us...
Harsh on Dzagoev, if Russia had made it to the QF's i'm sure he would have made it in. Think Khedira can count himself quite lucky to be honest, great goal against Greece but didn't think he had a particularly great tournament.
Gerrard deserves his place, 3 assists in a pretty average team is...