After the way the squad only came together for the first time a couple of weeks ago and were so thoroughly outclassed by Brazil in their only warm-up match, you could be forgiven for thinking they would struggle to reach the quarter-finals, never mind top their group.
However, you can hardly say that they have dazzled the home crowds much during their campaign. The same deficiencies which characterised the England team at Euro 2012 — poor ball retention, technique and creativity — have been prevalent among many of Stuart Pearce's players too.
Uruguay's defeat which cost them their place in the last eight was as much to do with their own indiscipline and poor finishing as it was the performance of their opponents.
Two of the more fancied sides — Uruguay and Spain — have suffered shock early exits, but talk of Britain going on to win is still somewhat premature.
Up next are South Korea, again at the Millennium Stadium. I have seen the Koreans play quite a lot over the past couple of years, including their Asian Cup campaign last year when they only missed out on a place in the final by losing to eventual winners Japan on penalties.
Premier League squad members like Arsenal's Park Chu-Young and Sunderland's Ji Dong-Won may not exactly strike fear into the heart of British fans, but the Koreans are by no means an easy proposition.
The average level of technique among the players is very high, while there is also plenty of pace and tactical discipline in the side. In many ways, they are the opposite of Team GB, and that should make for an interesting game.
Craig Bellamy has perhaps been the stand-out player thus far. It is clear to see how much he has embraced this challenge in the latter stages of his career and been a real driving force in the side.
But several of the young players have caught the eye, too, and the decisions they make after the tournament could be pivotal for their futures.
Tom Cleverley clearly has a first-team future at Manchester United, but some of his new team-mates will be wondering if they should either go out on loan or even move clubs this summer.
Steven Caulker was impressive for Swansea City last season but - with parent club Tottenham signing Jan Vertonghen, Michael Dawson returning from injury as club captain and Younes Kaboul much improved — he may have to look for another loan spell elsewhere.
Jack Butland was not deemed good enough for Birmingham City last season. Now he is their most talked-about player. With a new manager in charge at St Andrew's and a vacancy in goal following the end of Boaz Myhill's season-long loan, the 19-year-old will feel confident he can make the number one spot his own. If not, there is sure to be interest in him from other clubs.
As for Chelsea left-back Ryan Bertrand, after playing such a big part in a victorious Champions League final just a few months ago he may no longer be satisfied with a place on the Stamford Bridge bench.
Being Ashley Cole's understudy, for club or country, does not offer much playing time. A move to another Premier League club, should he indeed want one, could see him play every week and put him into the international reckoning when the time comes for Cole's long England career to end.
Whether Team GB's brightest young stars choose to stick or twist, this tournament has helped enhance their future options and prospects. Forget the medals — that is the real benefit of entering a British football team into the Olympics.