Let me start by saying that I'm not defending Ca$hley one little bit. Clearly from my username you can tell that he isn't my favourite player.
But I have to defend anyone who has the botox to step up and take a penalty in a massive game, even more in a shoot out in the Euro quarter finals. Which is where you have to ask questions of the likes of Carroll and Walcott, not of Cole and Young.
Taking a penalty is more about kicking accuracy than actually being a striker or a goal scorer. Why shouldn't a defender be as accurate at kicking a ball over 12 yards as a striker? Why does Lampard (a midfielder) take take the majority of Chelsea's penalties rather than Drogba (before he left) or Torres? Lauren used to take penalties at Arsenal and he was a right back. If I could be arsed, I could probably knock up a list of defenders (and probably 'keepers too) that have been successful penalty takers over the years. Joe Hart apparently said that he would volunteer.
By all accounts, Ca$hley isn't (usually) a bad penalty taker. At least he had the confidence and/or bottle to step up and take the responsibility.
On the whole, I'm not the least bit gutted about the result. Yes, it's a pisser to get close and then lose like that, but I don't think one sane England fan could stand up and say we deserved anything out of that game, or even that tournament. Quarter finals was about as good as we deserved.
(As an afterthought, Walcott was never going to take one, the boy is hopeless. Taking a pen he would have far too much time to think about it and would doutbless have blazed it over the bar or off to the side. He can only produce something useful when he doesn't get time to think about what to do and acts on instinct.)