One of the important things is all the British land that isn't given to the Italians. The French were supposed to give them some, but that didn't quite work out. Now, perhaps Cyrenaica goes to Egypt? Then again, Libya wasn't really controlled by Italy outside of a couple of ports. Maybe they set up a native dynasty? I suppose it would depend how much the Senussi help out, and it might just end up like the Hasmeties being shuffled around. Are the Ottomans going to be in this war? They only got in it IOTL because some Young Turks mildly helping out the Germans in a false flag operation, followed by Churchill ordering attacks on the Turks before waiting for anything to be cleared up. Understandable in a war, though he seemed a bit colonialist. If the Turks don't join the war, then they are legally supposed to get Rhodes back, but I imagine the British keep it for themselves, or give it to Greece. Depends on what position they take in the war.
What do you guys think about the Italian Concessions in China? The Austrian-Hungarian one was a bit complicated, but it seems the Entente just went along with the Chinese nullifying the Cncessiin when China entered the war, though the Italians tried getting it for themselves. Seems the Italians were just in Shanghai and Tianjin, so I am guessing they lose their district in Tianjin to the Chinese, and their seats in the committees of Shanghai. Not that they had the most power there anyways. Apparently the Shanghai International Settlement was created with the American and British Concessions (apparently the French dropped out of an attempt to join) and the British ran the show. Makes sense, considering how Americans were told by their own government to head to the British consulates nearest to them if they were in trouble in Asia.
What do you guys think the situation with Ireland will be like? With the Italians and Germans as the enemies to the US, I am wondering how American and Latin American minds will take to having their largest minorities as being from enemy countries. I am guessing a lot of propaganda about systems of governments, and how the ones going to the Americas went to escape regressive monarchies.