As the end-game progresses, I'd like to point out the importance in this stage of the game of talking to everybody. For example, Italy and Austria are probably spending a lot of time talking and coordinating moves. However, they should both be talking to Germany and England as well: they need to know what's going on on the other side of the board. Even in Italy's case, where he's fighting England, there should still be dialog: in Italy's position, I would be asking England about his goals for the endgame and seeing how those fit in with my own. Likewise, talking to Germany at this stage of the game can yield great benefits if one of the other powers decides to try to cut him out -- Germany may decide to help the power with whom he had the best relationship.
Now, specifics of this game. As Texas pointed out, the Italians were probably supposed to order ank s smy-con, destroying that Austrian fleet and giving himself another build. I think we can expect to see that move this year. Austria and Italy have a very secure position where neither can stab the other effectively. However, this comes with a cost: they've tied up a good number of units, which will slow their advance. The most important one is the fleet in Venice: it's not moving towards mao, and Italy can't build armies there and move them towards Munich or Marseilles. Of course, that also means he can't build armies there and move them towards Trieste and Venice.
As a result, Austria is in good position to take and hold the Russian centers south of stp, while Italy should be able to hold Iberia, or at least Marseilles. However, assuming competent play from EG, they shouldn't be able to get much further than that.
The most important question in this endgame seems to be whether Germany will get cut out of the draw. That choice is almost completely in English hands. If England helps Germany, AI cannot cut him out by themselves. However, if England takes Paris and Holland this year while keeping Sweden and Stp, the German position will collapse quickly. Germany needs to make it clear to England that if stabbed, he will do his utmost to help Austria win. Unfortunately, that threat may not have much teeth, as Austria would also have to stab Italy to win, and that doesn't look very likely.
To answer Texas's question: If Germany can convince England to give him a center -- a big if here -- he should push for Sweden over Stp for the reasons uclabb gave. Germany's fleet isn't doing too much in Denmark except keeping the English out. In Sweden, he can make himself very difficult to eliminate. The army is just as well off in lvn as in stp, and if in stp, it stays there at England's pleasure. England, however, has the option of agreeing to whatever Germany asks in order to make the German moves more predictable for a stab!