Can FIFA World Rankings Be Used to Forecast World Cup Results 2010?

FIFA has a global ranking of countries since many years, the list being updated on a monthly basis. I say it gives a good idea of their national teams performance. Can this be used to forecast results? But, this is football, other factors also need to be taken into account with this world cup: managers, South Africa’s playing home despite a ranking of 83 in May 2010 vs Brazil still No.1. Other factors would be current form, the team formation and strategy, team lineup, weather conditions, referee and the players spirit!

If you check the ranking for May 2010 from this site:

You’ll see that these top the list (rank, name, points)