For the last week I've been testing this deck with good results (top 50). Most of the time decks with Italy are build around alpine mechanic, but I think that there is much more in this faction than alpine. L6/40 is a very strong early game unit and the retreat effect, despite being sometimes annoying, can become something usefull in certain situations if you know how to use it. It works very effectively with the four 17 infantry regiment in this deck. Fiat G.55 is also a very strong unit in this kind of deck. The recently buffed Sherman also shines in this aggro US deck.
If you try it, you'll probably find out that some german decks can be a problem (falmmpanzer, sudden strike), and, as usual, some mid range soviet decks.
This deck is far from being perfect and in the current state of the game there are, in my opinion, much more effective decks, but it is sustainable in officer club and quite fun to play and not that expensive.
Feel free to leave comments if you have ideas for improvement or other ideas about this deck.