Well, events went something like this:
Austria was subbed by count drew, who brought austria up to #1 in indy score (700 something). Then he attacked Switzerland. France by this time had about 150 divisions to Austria's 190. I decided that I'd rather not have Austria on my border, so told Drew to withdraw or I'd kick him out. He proceeded with his war so I attacked (without Germany). I had my best regular troops deployed to the S-P border while Austria's were in switzerland so I quickly took all of S-P. There was a big battle (120 divisions plus) in Torino as before, and France won as before. Once S-P was occupied I peaced them for a bunch of provinces and continued the fight on the new Austrian border. Austria meanwhile took all but two provs from Switzerland. About this time Germany attacked, which I'd expected, but most unexpectedly Russia and the OE piled on... in the end Drew fought probably as well as he could have, but the Austrian army was almost completely destroyed in two battles (70 divs killed by the French at Milan and 60 or so killed by the Germans at Karlsbad, losses on the allied side were about 30 divs in the first battle and 20 in the second - experienced troops with artillery vs. understrength reservists made the difference). As far as I could tell the Russians and Turks simply occupied the country. In the end Silesia went back to Germany, Switzerland went to France (will be annexed and released as a buffer satellite) and the OE got two provs (Moldavia). France ended up taking most of the casualties AFAIK, about 15 regular divisions killed, along with about 30 reserve units. As far as I can tell Austria lost nearly 100% of its regular forces, and went from 188 milscore to 111.
I should note that as part of the peace France was given all of SP, but of course it will take several additional wars to annex it.. so presumably the other war participants will support the fulfilment of this part of the deal.
France at least is vastly richer than it was last session, about 50% more income. Things on the diplomatic front will probably be more dynamic now that Austria has been reduced, at least for awhile.
As far as I know Austria is about where it was econ-wise, it didn't loose many provs (just silesia+moldavia) and Drew claimed that Austria had the same income as before the war.