Exactly what it looks like on the tin.
I figure that, easily, that the issue if anything would be getting the UK and Russia aligned on the same side either due to chance (one nation going to war with both of them) or due to some sort of agreement settling the Great Game.
Bonus points if you can get Japan and/or Turkey fighting on the UK's side as well.
The largest issue with this scenario is Russia, until Wilhelm II became actively antagonistic to Britain, the relationship between the two nations was amiable. However Russia, as long as it has been an international power, has always stood at odds to Britain. In china, in the black sea, in Afghanistan during the late 19th century.
The only way I can see this playing out is as follows.
1. The Alliance of Three Emperor's still collapses, but Germany decides to support Russian claims in the balkans instead of Austria's (bit of a stretch, but if Germany decides Russia is the stronger or more useful ally it could happen)
2. Germany acts as an intermediary between Britain and Russia, repairing their relationship
3. Germany scales back on its naval efforts and manages to secure an alliance with Britain. This cuts off any possibility of an Entente Cordiale
4. France instead pursues alliance with Italy, and possibly Japan, since the Anglo-Japanese alliance was formed to stem Russian aggression, the Japanese will have no inclination to side with Britain
5. WW1 - Franz Ferdinand still is assassinated, this causes Russia and Germany to declare war on Austria, France and Italy intervene, Britain declares war upon France, japan declares war upon Britain Russia and Germany
all in all, I see this being a debilitating defeat for any enemies of this alliance. With both German and British military aid and advising to Russia, she might actually be able to field a decent army and navy