That "other side of the story" looks suspiciously like a bunch of things people in this thread were already aware of and debating against from the start.
Ah, Re Giorgio is finally stepping down? 9 years is a long time. Well, the President of Italy is a non-executive head of state so Berlusconi wouldn't be able to do much because his only role as President would be to:
Wikipedia
The President of Italy guarantees that Italian politics comply with the Constitution.
Laugh it up, you're not the one who's at a high risk of having an arrogant pimp as a head of State.
But I guess we'll only know who'll replace Napolitano when the Chambers will manage to vote his successor in... About 3 years. Until then, Italy will be safe... Sort of.