Suppose that Mussolini has a stroke or is assassinated somewhere around 1939, before the Battle of France. Italo Balbo or someone else becomes duce, and commits to keeping Italy out of war, noticing the poor performance Italy had in WWI. What are the effects on a neutral Italy in WW2?
Will the Wallies offer territorial concessions (Dalmatia, Corsica, recognition of italian control over Ethiopia, something) to keep Rome sweet?
Without a mediterranean nor north african front, how well off will the Wallies be ITTL? How different will their operations be, and what shall be the political makeup of post-war Europe?
Assuming that the italian fascist regime survives the war, what are the effects on Italy itself?
And what about Greece?
How could relations between fascist Italy and Israel go?