My own personal belief is England don't have the players with the intelligence and ability to read and control a game.
Sure they have players who can catch the eye and huff and puff for 90mins and produce the occasional thunderbolt goal or moment of magic but their problem comes doesn't to the simple technique of retaining the ball and dictating the pace of the game. They're their own worst enemies on a football pitch. They have enough about them to destroy weak teams in the qualifiers but then when it gets to the finals they're found out and often given the runaround.
Check their results in the finals of the last decade. They've managed to actually lose matches where they were winning 1-0 and even 2-0. Plus their knockout record is nothing short of embarrasing (apart from penalties they unbelievably they have NEVER won a knockout game of any description in the Euros (Greece managed 3x in '04!) and have just 2 knockout round wins inside 90mins in the last 12 finals tournaments)
England have inheirent problems that Roy Hodgson, Capello, Harry Redknapp (or anyone else) won't solve. They'd almost have to create a new breed of player and that would take a decade to bear fruit. France's national team went back to the drawing board in the early 90s and missed two world cups finals as a result. Their reward was a world cup win in 98. Spain went thru some lean years also, reinvented themselves too and also won a world cup. You won't see England do the same tho even thought they have what it takes to win trophies. They'll just keep on making the same mistake year after year.