Recently I start a new Italy campaign with 1.3 patch, and out of my expection, it is quite fun!!! Starting from 1938, I have counquered Swizerland, whole Balkan and Turkey, and now planning to jump on Vichy in early 1940. Never expect there are so many actions for Italy, and the best thing is no Allies or Axis would bother you if you have too large BB.
Italy is too fun to play; my next target after Vichy would be Carribean and South America, and finally jump on USA before it is mobile.