I wouldn't dismiss CWO at the Giro entirely.
After all, Team Type 1 wasn't far away from getting an invitation this year, and they've been Continental until this year.
But for CWO to get into the Giro, several things would have to happen:
1) Bigger names. Reihs and René Jørgensen won't do you any good with Zomegnan. Furlan might, but he's just one man.
2) To sign those bigger names, you need more money, Hembo says so himself. I can't see Christina Watches or Onfone putting in 5 times as much money as now.
Even if they got the money, became Professional Continental for 2012 and signed some better riders (whoever that might be), they'd still have to compete with the Italian teams and several others for one of the four wild cards.
Essentially, all this talk (actually, almost all the talk about/from the team) is PR. Staying in the media and in people's minds.