I currently live in the Czech Republic, and since this country just joined the Schengen group, and I have permanent residency here, I've been mulling over the idea of making a change and moving to Italy. I have a business license here, so I'm not dependent on a company to provide me with a job.

How difficult is it for an American? How much Italian do I need to know? What is the cost of living (rent, food, etc.)? What is necessary for me to know to live there?

Thanks.