What's Germany's relations with Britain, especially in terms of the naval build up? Hell the Italian navy anyway. I would think they'd start to be concerned about Germano-Italian hegemony since they've been kicking everyone around for a while.
Yes, you've nailed it. Thats become the big question on my mind: "How is Britain feeling/ what will they do?" Britain is investing heavily in Italy and they're allied with the Ottomans (right?). No matter, they have lots of money tied into Italian development. Friendship with Italy means friendship with Germany. France is now going to be silent for at least 10 years, so they have no ally to lean on there. I'm the Italian Navy is pretty beaten after the war. Its going to need a lot of rebuilding.
Anyways, to answer your question, I really don't know. I'm kinda waiting for the Russo Turkish war to happen. I think then we should see some evident factions emerge.
Factions i can see are Germany-Italy indefinitely (obviously) and maybe the Ottomans and Britain (right now) opposing Portugal-France-Spain-Russia? Like a Catholic league vs reformed catholic/Muslim league. Anyways, we'll see. I have to get on that soon.