Thus concludes Part II of the timeline- part III will cover everything from Verdun through the French ceasefire sometime in 1917 (haven't quite worked out the details yet). Part IV will encompass the peace process, which will be far more chaotic than either 1.0 or OTL. After that is very much up in the air.
There's been some incredible discussion over the last few pages on Italian war aims and what they can realistically do to achieve them. Rest assured, I read and ponder every single comment, even though I don't always reply- this is typically because I'm at work/school and can't type out a whole post, or I want to focus on writing a chapter. In general, a criticism/critique will always get a response. That being said, here's my thoughts on Italian war aims in rough order of priority:
#1: Trentino and Zadar. Austria-Hungary had to promise plebiscites in these areas as a condition for Italy to join the Central Powers- it should come as no surprise that Rome already views these territories as "theirs". South Tyrol is another question, as Austria-Hungary has no intention of giving it up, but it is still seen as rightful Italian territory. This will be a bone of contention between the two states in the future, I imagine.
#2: Historic Savoy and Nice. Both spent large swathes of time under Piedmontese rule, and having the dynastic homeland under French control is still seen as a snub (something the Italian propaganda machine is keen to point out). Several key figures in the Italian military have called for these territories to be taken by force rather than ceded at the peace table, the idea being that if France consents to hand them over, even under duress, then Germany will try and claim credit.
#3: Colonies. Getting Eritrea/Somalia back is the top priority (not going to happen), then resolving border disputes with British Egypt to Italy's satisfaction. Given that the Senussi are not only sitting on both sides of that border but control most of Italian Libya, the question is moot even if Britain cedes land on paper. Tunisia is next on the list, and some still dream of marching on Tunis after the Senussi are vanquished, then Djibouti.
#4: Naval expansion. The battles of the Ligurian Sea and Cannes affirmed the Italian conviction that capital ships are not merely "aesthetic" or ways to show strength, but are vital if the country is to go from regional power to Great Power. What better way to ensure this than by taking some of the vessels the Regia Marina didn't sink at Cannes?
#5: The Balkans. Obviously none of the fantasies about annexing Dalmatia are going to come to fruition here, but the Italians have a protectorate in Albania, and keeping that strong is going to be a priority- including whatever annexations they can get from Montenegro/Serbia. This could make Italy a major player in Balkan politics, and it's not impossible that Albania could drag it into a hypothetical Third Balkan War.
#6: Corsica. Gallipoli showed just how difficult amphibious operations are, while the naval battles of the Ligurian Sea have shown how high the stakes are- anything short of a comprehensive victory and thousands of good men are going to end up on the bottom of the ocean. Nor is there much of a precedent for the island being under Italian rule- France has controlled it uninterrupted since 1768. It would help with power projection in the Western Mediterranean, but integrating it into Italy would be impossible for at least a generation. Nice to have- and certainly part of irredentist fantasies- but not really worth it in the short term.
Thank you all for commenting; next part should be up soon.