civil-case reversal rates are much higher than the U.S. (http://scholar.google.com/scholar?cluster=11027117874758072323), I still can't find anything on criminal cases though. komponisto said about 1/3, any cite on that?
It was a remark by Amanda Knox's attorney, Luciano Ghirga. I can't remember where offhand.
One would expect the rate to be much higher than in the U.S. simply due to the rules of the game: unlike the U.S., Italian courts at the first level of appeal are allowed to reexamine the facts of the case, instead of merely ruling on whether procedure was correctly followed.
I'm not sure if anyone has been following the appeal...
but I'm willing to bet up to several hundred dollars at even odds that Amanda Knox will be released on appeal.