Let's see... Italy+Germany Vs France+Britain+OE so far. Probably AH will still ally with Germany in the end. Being in better relations with Italy after 1878 because Rome vouched for Bosnia going to Austria. Russia... Don't know. But with an Italy entangled in China, I wonder if in case of a Russian-Japanese war would fling... Maybe still towards Russia. But the Balkans would be a mess still especially if Italy got entangled already in Albania, useful just to confirm the Italian mastery over Adriatic especially after a Lissa victory. But if would be used as commercial base towards the Balkans, well things may get heated soon as there would be three competitors rather than two. Or even more. Greece may fling towards Britain, France or Russia, unless Italy would take some bargain by ceding Crete (for what? Ionian islands? Economical monopoly?). Serbia may fling towards Italy or Russia. Bulgaria can likely fling towards Italy. Romania... Probably Russia but why not Italy as well?
Naturally... In case of collapse of the Balkans and eventual Great War, Italy can carve a system of allies and puppets as long to destroy Serbia's panslavic ambitions. Annexing just Dalmatia, can become the arbiter of the region.
Meanwhile I forgot this bullet point to add in my list:
- Make everything to keep Amedeo of Savoia-Aosta as King of Spain, so to build a profitable Ital-Spanish cooperation. And well a bit more of prestige for the house of Savoia won't hurt in front to the other four major houses of Europe, for Italian benefit. This however may bring headaches about the Cuban war and Morocco later in Rome...