Caesar Biden
Banned
You have completely ignored the point I made about the geographical constraints that applied to how much force could be brought to bear. Further it should be noted that the Ottomans held off the British, French and Russians to nearly the close of the war. Again due to geography the amount of force that AH can send in that direction is limited. The Ottomans however can now look forwards to receiving aid and war material that they had to fight without in OTL.
Further Russia is likely weaker than in OTL as neither Britain nor France have been as interested in developing its economy via cheap loans. The Ottomans may well be stronger.
The only power that significantly gains is the Dual-Monarchy and that gain only lasts until the loss of its overseas trade begins to bite. It is by far the weakest and least effectual of the Great Powers that were involved in the conflict.
A lot would be changed, so it is impossible to gauge all factors but as Russia worked out in OTL there are enormous advantages to the Anglo-French position.
Russia wouldn't necessarily be weaker than OTL, as Germany, too, had a lot of capital and investment opportunities. I see your point, but the thing is, it's impossible to say how things might have been, exactly, at the beginning of the war. I assumed they would be similar to OTL, but even with a weaker Russia taken into account, the Three Emperors is still a stronger alliance.
While Geography played a HUGE part in WW1, and there's no denying that, you can't dismiss manpower even in the short term. Nor can you dismiss the superior artillery and military doctrine of the Germans as compared to the French. With no Eastern front to worry about, Germany can focus all of its considerable attention on breaking through in the West in 1914 and 1915. They will have more flexibility, more opportunities to go on the offensive, more of everything. France and Britain will be able to leverage their considerable economic potential to stay afloat, but by 1916 Germany will have found a breakthrough, especially as like OTL they will occupy much of France's industry (even more than OTL, really).
Austria Hungary, meanwhile, is certainly the weakest power on the Emperor's side, but it can and will contain Italy and eventually win. The same logic applies here as applied in France: A narrow front, with a lot of manpower on both sides. Once Austro-Hungarian units enter the Po Valley, though, Italian resistance will fall apart.
The Russians will be fighting the Ottomans and Japanese simultaneously, not too tall an order for them, especially with plentiful German assistance (as the Western front can only have so many soldiers in relevant places, as you said.). This is where Balkan opportunitism screws the Ottomans, IMO, because both Bulgaria and Greece are going to have a bone to pick with the Ottomans.