my last FTF game, italy pimped up ts navy to no effect. it was a long strategic game, neither side taking big risks. in games like this i feel its just a waste of IPCs. because USA/UK can always and will allways outprouduce any western axis naval attempts. this might change if USA is pacific only. then an Italian fleet which UK has to sink alone could turn out to be a combined threat with a strong german luftwaffe in france.
the best use for italian navy ive found is either a well-timed attack on some allied sz12 fleet , so that luftwaffe can take out leftovers, or on a rare occasion it prooved quite useful in Yellow Sea, after an US hulk smash :D

Rolling 25d100: