Why would Italy care? Their only interests are in the Mediterreanean and the Balkans, ...
Yup... what about Abyssinia ?
...so they're rivals to France and Austria (and to a much lesser extent, the Ottomans and British), so if they end up fighting Germany it's because the Germans are allied to Austria and their enemies made a better offer/look stronger.
Yup getting at the 'Italian' provinces still in the Austrian empire could be worth aligning with whoever...
Also Britain may not like a German-Spanish axis, but they don't especially like a Franco-Russian-American axis either.
True
Add to this that Germany facing so many enemies will act very differently- I doubt even Kaiser Wilhelm would be blind to how unfavorable that situation is.
That would be important if these people could predict how things were going to fall out. One week you are supporting your close ally against a mongrel mob, next week you are surrounded by a hostile alliance