While at first I was mightily surprised that Geox was left out (didn't Prudhomme say a while back that Sastre would always be welcome at Le Tour?), it makes sense when you compare this year with the past.
In 2010, there was no need for ASO to use up wildcards on French teams as 4 were automatically selected. This year, only one of those teams made the cut - AG2R. Obviously ASO wants French teams, just like RCS wants Italian teams. They used up 3 of the wildcards on major French teams that have formed the backbone of French cycling over the last decade, namely Cofidis, FDJ, and Europcar. Le Tour without them is inconceivable, not because they're packed with amazing talent but because they're so important to French cycling. This left ASO with one wildcard, and they chose Saur. Geox maybe should've been chosen over them, but when you throw Gianetti's recent performances at the race (riders thrown out in 2009, non-existent last year) then... It's a French race, obviously they want French teams to compete. I'm not overly fussed either way, because the Giro is way better!
In response to an earlier comment, I think it's rather simplistic to claim that French teams "stink" because everyone else dopes. This claim has been repeatedly made by the French, but it seems more of an excuse than a reason. This is straying dangerously close to Clinic material, but there are riders out there generally considered clean who are far superior to any current French rider. If so, then you can be successful without doping and it follows the French should also be able to produce natural talent. They haven't done so to the same level, and so can't suck because they don't dope, there must be some other reason. Furthermore, are you really going to claim that every French rider is clean? Probabilities alone dictate that some can't be. I am by no means claiming that there are no good French riders, there are (like the Feillu brothers, Moncoutié...). Rather, I'm saying French teams in general are weaker than their foreign counterparts and there must be a reason other than doping for this. To claim that French teams are weaker purely because of there being two speeds is weak.
I hope this doesn't turn into a discussion about doping.