Re: then again...
Forget about England, the way to spot that this Prof's stats are a bit dodgy is to note that the Republic of Ireland is being put down at joint-6th favourites with a 7% chance of winning, more than Italy, France and Portugal, while their correct ranking should be right about last, together with Czech, Poland and Ukraine (in fact, marginally less, I would say).
England aren't among the favourites (That's Spain, Germany and , until Saturday, Holland), but I certainly would put them among the outsiders to win (together with France, Italy and Russia). I think Italy's and France's ratings are artificially depressed by the shambles of a World Cup they had 2 years ago, otherwise the prof's stats aren't too far off.
One aspect of the model that seems pretty sound is the balance between favourites and outsiders. Bookies tend to give very short odds on the favourites and very long odds on outsiders, as the first poster noted this is more to do with more people betting on the favourites than this being the real probability. In bookie-world, the chances of the top 50% most-favoured teams would be something like 95%, with the combined total of the others being about 5%. In the Prof's model the top half of the contenders are given 71% combined, with the bottom half given 29% combined. In real life, the last few tournaments (16-team) were won by 3 teams who were among the favourites (Spain, France, Germany) = 75%, and once by a rank outsider (Greece) = 25%. Extending that back through the 8-team format, again there's 3 'favourite' wins (Netherlands, France, Germany) and one outsider (Denmark), again 75%-25%.