The game close to perfect just like it is. Every country, with the exception of England, gets a free SC to start. England, however, is the toughest country to defeat (even Turkey, I think), so it balances out.
France and Germany have two freebies, but they'll need it, especially Germany.
And there's always drama with Trieste, the Balkans, Scandanavia, and Belgium/Holland. Every game is different.
The best part of Diplomacy is the diplomacy itself. I personally enjoy a good alliance. It's very hard to stop an alliance when there's complete trust between countries.
That's why Russia is such a challenge. You typically have to juggle two alliances, while making tough decisions on your builds every Winter. In a way, Italy is similar in that both France and Austria are in fierce competition for Italian help.
I've tried the variants. I don't really care for them and always come back to the original.
The only thing I can't stand is players not playing after they start. It sucks.