Thing is, Spain is all about possession, and that's exactly how the Spanish and almost most of latin America plays. It's not about, "oh hey we got it COUNTER ATTAAAACK fuck we lost it our defense is open" kind of play. They go for pure skills, control, and possession. It's what makes it beautiful in their own way. You can't beat their ball skills in Europe. It's almost unmatched (to all of Europe).
The problem with Italy was that, in the first game they played, they all played defensively, and that's how they managed to hold them off in a 1-1 draw in the group stages. This time though, they wanted to go for offense like they did against Germany, and lost because Spain's defense is a bit better than they thought (come on...Spain had Puyol, and that guy is literally like a lion). So Spain did the usual, possession and control. all the way to Italy's own weaker defense. It's really smart what they do.
They have their own saying about their game plan, "You can not score if you don't have the ball".
btw, the reason Italy just died in the end is because they were exhausted by then. They got too tired chasing after the ball that they just couldn't even run that much anymore. Spain's fitness is crazy, to be fit AND still be able to maintain control. It's just how they are.
One of the few problems Spain will have is if they play against a South American team, like Argentina, who ALSO plays the same style (before Maradona came in :V).