So what happened?
Let's start in the east this time....
Congratulations, we have an Austria-Turkey alliance. While this seems like it would be great news for both, it's probably only great news for Turkey. Turkey gets another supply center and can consolidate its corner stronghold. If Turkey can hold Rumania (and it will need support from Austria or disinterest from Russia to do so), then it is in a very good position for 1903.
Austria: One alliance is better than none. If that was a prearranged bounce with Italy, then two is even better and Austria has a future. If Italy is actually fighting with Austria, then both are doomed. For the Fall, I'd imagine Austria will try to bounce the armies in Vienna to prevent Russia from grabbing Vienna or Budapest. However, one slightly hilarious move is if Russia supports Trieste-Vienna to prevent the bounce, allowing Italy's move into Trieste to succeed. As usual in 1902, lots of questions for Austria.
Italy: Where is your next supply center and do you have any true allies? Playing as Italy often feels like you're not really in the same game as everyone else. Italy has a few options currently. First, try to save Russia. Second, try to coax either Austria or Turkey away from the other. Third, if it believes it has a true ally, ignore the east and look at France. None of them are great. Such is life as Italy.
Russia: Remember the optimism of the build stage? That seems like a distant memory. Rumania is almost certainly gone. There's very little chance to pick up either Vienna or Budapest. Germany's fleet and army aren't just exploring the beautiful baltic region. And the one country that could be very helpful to you right now you just unsuccessfully attacked thanks to Germany.
In the west, Germany looks great. Germany and France appeared to have a little "can we trust each other?" test. Holland Hold, Belgium Hold, and Munich Hold all seem like the answer is yes. Germany cut Russia's ability to take Norway and will now probably take Sweden. Germany can also help out Austria by taking a stab at Warsaw.
France: The fleets are moving, Portugal is assured, and Germany seems like it can be trusted. All in all, looking like a pretty good 1902 for France. That English fleet in the channel isn't great, but England can't support it and Norway. Most likely, the Channel is France's after the Fall.
England: The good news is that it will almost certainly keep Norway. The bad news is it appears to have no allies and French fleets will be in England in 1903. It could appeal to Russia, but it will be tough to build up trust that quickly.