I see war as maybe occuring, however I am of the opinion that there is no given that a massive world war will occur. The first and second moroccan crisis did not end in war, Prince Councils gathered often to discuss major issues.
So either a conflict has to occur, or none will occur. If anything I see something more like the Cold war, with small conflicts in others regions using proxy governments, but no massive conflict. Perhaps the Tsar sits back and smiles as he makes up with his cousin, maybe Germany knows what a coward Italy is and withdraws fromt he alliance, maybe a war occurs in the Balkans, and nothing more.
So many things can happen that allow a conflict but not the massive world war everyone seems to assume will happen.