T-20 is really unpredictable as you said, people said before tournament that england and india are favorites. India was not even able to make it to the semi finals and england were beaten by newzealand in the semis. I dont think any one predicted these teams to play in the final and that is the beauti of t-20 cricket. Hoping for a really exciting final just the the semi finals.
Even if you see odds of Pakistan v India game, Pakistan was no way near to India. Infact India was hot favorite for the tournament but beaten easily by Pakistan( the underdog) in the first game. Side batting first will definitely have edge over side batting second.
Not only T20, cricket is old funny game and can't be predicted in advance.
Well If we go according to the odds, in match india vs pakistan india were clear favorites also in match against india and newzealand india were clear favorites and in both matches India lost one sidedly. Even in both the semi finals england and pakistan were favorites in their respective matches but we know the results of both these matches.