No idea if anyone's said this, but it seems that there are a few problems with how playing a Central Powers Italy works.
For one, when you ally with A-H in return for the promise of the Adriatic coast, they end up leaving their alliance with you to ally with Germany later due to how the events are ordered. (This happened to me, anyways)
Also, you never get the Adriatic coast, even if the Central Powers win, as they did in my game.
I must ask, also, whether the same kinds of dissension and revolt would occur in Italy if they did well in the war and were in the Central Powers. It seems a Central Italy isn't fleshed out as a concept.