In my ltd experience, one 5 player game, I certainly believe Italy was well modeled.
The games conclusion was foretold when the Italians were finally thrown out of Syria and Egypt rather unceremonsiously, I might add.
Once Italy lost control of North Africa and the UK entered the Med it was all she wrote as far as we all could see about the eventual end-game: the Fall of the Axis.
The game ended shortly afterwards by consent.
I played Germany and Italy and it was a great time to try to synthesize their moves and strategy.
There came a time when Italy was on the verge of breaking Egypt and India and the rest of Africa beckoned, but it was not to be!
It was so tantalizing, that I look forward to trying it again; hopefully over the Christmas season.