For me this boils down to one question: Why isnt John Terry's trial happening until the summer?
Answer: Because Chelsea have asked for the trial to happen at a time which wont affect their season.
Harry Redknapp has had his trial ongoing for the last two weeks and the manager of a club is way more important than one single player. So, for me, this reeks of Terry's desperation to play in one last international tournament and an admission of guilt, he knows if the trial happens before Euro 2012 he will be found guilty and his England career will be over.
Now i believe everyone is innocent until proven guilty but the FA have treated John Terry lightly by just stripping him of the captaincy. Back in 2001 Bowyer and Woodgate were not even considered for selection when they were accused of GBH, both were more than good enough at the time to make it in the England squad with Leeds riding high.
The FA should have involved Capello in the discussions over the removal of Terry's captaincy but the outcome should have remained at least the same as it is or even the same as it was for Bowyer/Woodgate.
Capello is right to leave after not being involved in the discussions and i will not shed a tear.
I think Pearce should hold the fort for now and Harry come in for the Euros and beyond after Spurs season has finished.
As for Captain, i think Harry should give it to Wilshere. Sure he's young but he's going to be the best player of his generation and teams will be built around him. Obviously he is injured right now and looks like not making the Euros but the England manager should name him as captain anyway, stating that when he is fit he will be captain, so that everybody else knows the plan.
For Euro 2012 the captain should one of the older guys, Gerrard, Lampard, Parker, as long as they are aware it isnt going to be on a permanent basis.