The Ottoman/Girayli/Turkish Empire is in a serious situation here - however with Greeks, Serbs and Janinans all getting directly involved in Macedonia, I don't think the empire is going to have any choice but to go to war, if that is what it takes to potentially preserve itself. The flashpoint may be between Russia and Austria, but the empire cannot afford to stay neutral when the cost of that will almost certainly be the loss of Macedonia, and maybe Thrace and Bulgaria as well if the situation escalates. The decision to enter war is thwart with difficulties as there is a common border with Russia-in-the-Principalities, so for a comparison one is more looking at the strategic situation there in either the Crimean War, or more likely in 1878 OTL as this was accompanied with other distrubances in the empire's possessions in the Balkans
Of course, the empire at this stage does not own some of the OTL flashpoints, and in fact has not owned them since the 1830s - Bosnia is an independent state under Austrian tutelage, the Sanjak of Novi Pazar is part of Serbia, and Albania is the key heartland of the Kingdom of Janina
In addition, Baghdad is self-governing but once again a vassal, since their saving by Ottoman arms in 1896-98, but Syria, and the rest are all possessions of the independent, long-established and powerful sultanate of Egypt.
Cyprus remains Turkish, whereas the 1906 Cretan Crisis saw self-government granted to the island under Ottoman/Girayli auspices but placing it more firmly in the Greek camp.
The Turkish Empire (for such I feel it would be generally known as, whether this is correct or not) would have a much better navy than in OTL. It would not be counted amongst the first rate powers, but would be a close second (perhaps analogous to OTL's Austria-Hungary in 1914).
The biggest problem for the empire is neither the situation in Macedonia, nor the Russian armies on the Danube, but the Russian fleet - or more especially once war begins the combined Russo-Egyptian fleet as Russia's allies get more firmly involved. Russia has basing rights at some Turkish ports and islands (e.g. Smyrna and Lemnos) and rights of passage through the Straits. Of course, the Turkish government will simply end these - but there may well be Russian warships in Turkish waters, maybe even in the Marmara when this happens.
Addtionally, the empire is going to be faced with the threat of Egyptian forces coming up from the South.
Grey Wolf