In the real war if Italy had planned with more care her intervention alongside with Germany, instead of being in competition or trying to emulate, Italy had reached a slightly better result. I am not saying that war could have ended in a different way for Italy, however, a different course could have been seen for her.
Considering the game. I found interesting the introduction of Italy. If controlled by German player it may be used to perform a 1-2 punch against England and Russia, in different order in the two scenarios.
If played by two different players we have the need for discussion and agreement on the strategies. Arguing on the strategies between German and Italy may be a balancing factor in the 1941 scenario, that seems much pro axis. If Germany and Italy do not collaborate efficiently Allies may have slightly more time to recover from the Axis offensives.
Italy in WWII was a poor nation. Fleet was powerful but can not afford losses. To repleace a unit Italian shipyards would have taken too much time. Moreover the shipyards were totally engaged in making escort units (DD and frigates) and transport ships to supply African campaign, and have no resource to complete the Capital ships under construction. Two more BB of Littorio class and two Aircraft Carriers (Aquila and Sparviero) were started but only one BB, the Roma, was completed.
Mussolini and Fascist Party pro-capitalist economic policy had never planned to focus Italian Industrial production for war purposes. For example even in the 1942 Italian Industry was never completely mobilized for war production.
Aircraft industries were leaved free to produce different fighters models, and all of them were used by Regia Aereonautica for evaluation. A logistical nightmare for what regards maintenance, training, spare parts and supplies. Lack of central coordination, due to the fact that each company had a “protector” in the Fascist party that allow them to make its specific fighters model and then force the Aereonautica to buy a batch of them, really weakened the Regia Aereonautica.
Italian Army had only manpower to use for countering other nations army. Mussolini, in one of his speech, “threathend” the Allies with his “6 millions of bayonets”… what a pity that the bayonet had become and ineffective weapon long time ago during the Napoleonic wars… but Italian soldiers were asked to conquer the New Roman Empire using them!
So Italy at 10 IPC is correct. You have some initial assets, you may barely supply your fronts, and you have at same time to gain territories to increase production if you want to have a weight in the war. All in all Italy had to be an aggressive player IMHO.