The Italians will absolutely murder the Germans.
Aside from the politics which others above clearly have a good handle on and I don't have the first idea about, it'll be interesting to see how it pans out.
Given the spread of fixtures over 4 months it'll be interesting to see how fixtures such as against Germany pan out. Perhaps an opportunity may arrise to build some bridges domestically for the Italians and pull in more European based players. If they don't I can only imagine the costs of bringing over the Austrialian based members of the squad 3 times.
Good point about Lebanon they really need to be in there for the 2014/15 comp if that does pan out to be the qualification tournament, not read anything about where they are likely to end up.
On a very selfish note its great the fixtures are out so early, time to pencil some trips away in 2012 into the diary!