Okay ladies and gentlemen. That was an interesting phase. I'm going to address a few specific things that I think are key, and ignore a few others that are easier to understand.
First off, and I cannot say this enough, Germany that bounce might be the dumbest move I've seen in a high class game. Let me explain why. This past turn Russia was in a bad situation and the whole board knew it. He had a 50/50 shot of losing Sev or Rum, and actually a small chance of losing BOTH of them. Had this happened, in addition to you bouncing him in Sweden, he wouldn't have had a build.
Why is that so bad? I'm glad you asked! Russia is in a bad position right now because he has to have all his units facing south. He's facing a brilliant Italy, an aggressive Turkey, and an Austria that is now free to ally with anyone. So if Russia did not have a build or was stuck at 4 centers he would be tied up in the south completely. Which means England would be able to walk right into StP. Now the other eastern powers cannot let that happen so they would have blitzed Russia, wiped him out faster then England could make gains and then turned west.
The opening years are all about balance. If any 1 country gets too weak or too strong the balance is thrown off and everyone else is forced to react to the balance shit even if this means abandoning plans for a solo setup, or for a great alliance. This is specifically true for the western vs eastern zone. If any country in the east gets too weak the others can destroy him quickly, allowing them to break out into the western zone while the west countries are still infighting, or figuring out alliances. The same applies for the west. If any country is destroyed too fast the other two expand quickly into the east with a massive advantage.
So it's absolutely essential to ensure that no country gets too weak too fast. And that bounce in Sweden gave the eastern countries a 50/50 shot of getting the chance to end Russia faster then Germany or any western power can afford to have them do. I know Germany didn't know that RU was going to keep Rum, because it was a coin flip between Sev and Rum, and in coin-flips you cannot trust what you hear because people lie about coin-flip moves to try and get the edge. So that bounce literally just gambled the game.
Now you're probably thinking since Russia kept Rum the bounce was okay, but you'd be wrong again.
Since Russia does not have a unit in Sweden he has no threatening influence against Norway to prevent an attack into StP. This means that Russia is going to be forced into a northern facing build or risk England getting StP for free. If England gets StP then he's stronger then Germany or France and has a massive advantage over them both. If he gets StP *and* Sweden then Germany and France are both in serious trouble.
This also means that Russia is stuck with a fleet in GoB. Putting the fleet back in StP would cripple its use the rest of the game so that isn't an option, which means the fleet either tries for Sweden again (seems unlikely since his bad position lowers his negotiating power), or attacks Germany with England. So Germany with this bounce just massive undercut his own power, the stability of the east, increased the chance he gets attacked by Russia and England together, and removed all chances of having Russia as an ally.
To conclude, one of the worst moves I've seen in a long time.
P.S. The writers on the Zine agree with me (http://diplom.org/Zine/F2000M/Goff/swedensituation.html)
Now that I'm done bashing that bounce, lets get into the other key set of moves this turn. Italy, I have watched and played hundreds of games over the last 6 years. I've never seen an Italian opening I liked better. Absolutely brilliant. The power in Italy comes in the ability to be patient. I've never seen a better example of that then this game. If you take a look carefully, Italy's moves are impossible to understand to an outsider. And that is deliberate. No one in or out of the game has any idea what Italy is going to do because he can (and this is the KEY folks) ally with ANYONE on the board this coming turn. He is in the stunningly rare position of being a possible ally for every single country on the map. This gives him miles more negotiating power then anyone on the board. Everyone on map knows this, and that is why it works.
His moves are not overly hostile to any one country, as the hostility toward Germany, Austria, and Turkey all offset each other. They all know he made the moves he did to gain the negotiating power, not because he actually plans to attack. They all know that he will probably only attack or help another country against 1 of them, so they are all forced to work with him and offer him the best deal for his aid/neutrality.
This is how Italy is supposed to be played in the opening years. Tactfully, avoiding making any enemies while enhancing your own position so that you can capitalize on whatever alliances start to emerge around you. Making sure that your moves don't force other people to ally, while ensuring that you can easily become a part of any alliance you want. This was completely accomplished by Italy here.
Forget the cookie that HR was offering last turn, I would give you the damn bakery for how well that was played.
There are other interesting elements to last turns moves, but I'll leave those for other people to address.