It definitely does look like an interesting variant. Adding territories to Russia does more accurately reflect the enormous distances to be cover inside of the country. The subs definitely are more powerful, and the ability to counter them is more limited, although the assumed escort screen for Battleships and Carriers is a nice feature. The addition of Italy is a big plus, but not sure about some of the IPC values and convoy routes.
Tobruk was basically a moderately developed seaport that the British held to deny its use to the Axis, and what is called El Alamein is the Western Desert area of Egypt, and is just that, a desert. The German-Russian IPC ratio is a bit too close, Germany should have more than Russia, and there is a bit of difference between the map and the rules concerning Siberia/Urals.
By proliferating Industrial Center, the rules make it possible for the Axis to avoid having to build transports to move units to Scandanavia completely and North Africa to a degree. Not sure I like that at all, given the effort the British spent trying to cut the Italy-North Africa supply route. It does deal with the problems the British had of reinforcing the Mid East, and does make provision for Lend-Lease, but just to Russia. The UK was also a major beneficiary. The Strategic Rail Movement is nice, but because of the difference between Russian and the standard gauge used by the rest of Europe, you should not be able to use it to go from Russia to Western Europe and vice verse.
It does give me more ideas for adding Italy to the game, but I probably will stay with the existing Europe map, and use some other ways of slowing the Germans down.