Of course. Knox was originally convicted because there is a mountain of evidence that proves she was involved (see here http://goo.gl/YkedZ).
The Italian system is based on three stages but only the Supreme Court of Cassation counts as final. In the first stage Knox was found guilty because the evidence against her is conclusive.
At the second stage you got a judge who seemed to be influenced by someone. He appointed independent experts who were not really independent and who reached conclusions that are scientifically incorrect. In the end the judge forced an outcome to a decision he made before ever hearing the evidence. From day one it was clear that Knox would will the appeal because the judge was bias. He is no longer a judge if that matters and I think it does.
Supreme Court of Cassation ruled that the second trial used illogical reasoning and so nullified it. That means that everything goes back to how it was before the second trial happened. Knox is currently guilty awaiting a second trial. She will likely be convicted and that conviction will be supported by Cassation bringing this to an end around late 2014. Then we deal with extradition which is a topic onto itself.
The Italian system might seem strange but it is actually better than our system. In our system it is more of a game. If you win the game even if you are guilty you go free. With the Italian system so many judges look at the evidence that you eventually get to the truth. The problem is the amount of time it takes. Trials can go on for years and years which is a pretty big negative.