The quality of football may not be exceptional, but with the exception of Ireland, it's been very equal and lesser talented teams are playing intelligent football which tests the more talented.
I think that this, though making it a tournament with a good standard of football, may mean that in some ways it isn't 'classic' tournament. As has been mentioned, this is now getting harder than the World Cup because of the pretty high quality of all the teams that get through. Even Ireland aren't Zaire.
In some ways, these tournaments work in the same way as the X-Factor. A fair amount of entertainment comes in the groups stages from unknown teams, players, kits, supporters mixed with dreadful, surprising or entertaining performances. Then the knock-outs get going and the more talented (along with the odd wild card) start contesting in earnest. I am going to knock together a Greece 2004/Susan Boyle metaphor in a minute.
Basically it is all getting to be Olly Murs/Leona Lewis but with the expanded tournament, we should get the singing granny rappers of Estonia and Wales getting in again.
What was the question? Oh yes.
So, with the good group games, surprise results and exits, this has the makings of a classic along with the fact that I would quite happily see any one of 5 of the last 8 winning promises much but I have a nagging feeling that the quality is almost too good to make it a classic