In my SoW1 commentary, I've focused each post around a question. I think I like that pattern and will do it here. My question in this case is: What didn't happen in 1901, and why? I'll move roughly northwest to southeast.
Belgium: Now the only SC still neutral. Why wasn't it taken? Looks like tension between England and Germany. I've played a couple games where E/G or F/G (or all 3) deliberately bounce here just to throw off the scent of an alliance... but that really puts England at a disadvantage here, and with Russia opening north, he's really got nowhere else to go. This is troublesome for England.
Sweden: Germany didn't bounce Russia out. This is probably a reaction to Russia's northern anti-English opening, as G looks for some help in taking down England. G's westward drive, and R's northward and eastward drives, indicate that G and R are probably working closely together... at least for now.
Mid-Atlantic: France didn't move out. The convoy is a weird decision. France could have achieved the same result moving just the armies, and could have taken the fleet to the Channel, NAO, Iri, or WMS. This tells me that France either hasn't decided who to attack and didn't want to threaten either Italy or England, or that France wants to sneak a move to NAf (less likely). Given the tensions between E/G, this means that G should lobby hard to convince F to get onto the anti-English bandwagon - as poor as England's position is now, G's fleet weakness will mean that he will have difficulty breaking E alone.
Venice/Trieste: No standoff. Not even a potential threat after the spring turn. This indicates careful coordination and significant trust between Austria and Italy. As Italy and Turkey stare each other down in the eastern Mediterranean, Austria's fleet in Greece will be the deciding factor in which side advances. Right now, I think that A siding with Italy will be in Austria's short term interests, but in the long term might drive R to support T and solidify a juggernaut unless A is careful to bring R in against T.
Galicia: Not only was there no opening bounce (not necessarily worrying on its own - this happens more often, or with less sinister results, than most people realize), but R went on to convince both A and T to support the move to Rumania. This means that R has kept his options wide open (he can drop either A or T at his convenience and still have a strong alliance left), and A and T ought to take note.
The Balkans: No fighting. And yet, combined with the peaceful moves in Gal, Tri, and Bla, this means that Balkans are completely saturated with units. Unless everyone works carefully to move out, this could be the tension that ignites major fighting between A/T/R.
Black Sea: No bounce. This basically echoes the missing Galicia bounce above in terms of Russia's politicking, but I figured I'd include it separately just because it's the most significant non-bounce.
Bottom lines:
-Germany seems to be going full speed ahead against England, although the moves have been subtle enough so far that he can still change tack if needed. G will probably seek to recruit R and F to his side against E. E will be in trouble unless he can convince one (or possibly even both) to join up against G instead.
-Italy has solid relations with Austria and peaceful enough relations with France. This is important to Italy's survival in the early game, but he will need to carefully develop these relations into well-chosen alliances to keep from getting penned in during the midgame. The key to making sure the alliance is well-chosen is to figure out what Russia is doing and whether R will support him in an alliance against T (or possibly, though far less likely, A).
-Russia is in a very strong position: working with G can gain him 1 or 2 SCs in the north, and the option to work with either A or T in the south gives him more freedom than most of the other players. I would expect R to remain quite cordial with both A and T (that's how he got into this position, after all), but increasing distance from the other (A or T) should indicate that R has chosen a partner and a response is needed. Both A and T should be wary of this happening in the very near future because of the huge number of units in the Balkans.