Last weekend I played Germany, and my friends played italy, Sov and UK/US.
After 7 rounds we concluded that Axis would win: The Germans was 1-2 areas away from Moscow and Stalingrad with 11 tanks, 12 inf, 4 art, 4 TACs and a bomber. Moskva has like 3 units and very low income. Also, Italy had captured Egypt on I4 og I5, and secured it with a minor IC. The US was still a large threath coming underbelly towards South France, Italy and north Africa.
Key facts
Germany viped all royal navy outside UK with the loss of 4 subs and 3 planes. Attacked France with all land units (exc 2 for Normandie) and 3 planes. Lost all ground except 3 tanks. - Ger Built factory in Romania and later Ukraine.
Ger attacked Soviet on G4.
Soviet produced superstacks on 2 of 3 front areas. They got wiped thanks to tanks/TAC combos.
Germany had Italy ferry 2 infantery to Middle east, which later walked into Egypt for that sweet bonus.
UK challenged Med with carrier on UK2 or 3, and it was painful for italy to rid. Had to buy subs to block and prepare for sneak attacks. Worked well.
Iraq was attacked by UK, and lost. Retaken by Italy.
Ok, not very structured or detailed overview, but u get the picture. Axis victory.