From another forum my answer to a similar question:
Well, there are to my knowledge, few changes from the original AoI in regards to the choice of nations.
Great Britain: Huge empire, biggest fleet (together with USA), however, has to defend much and will be in problems once they are attacked by more than one power.
USA: Little empire outside the North American continent. Biggest fleet. Can take out North America with ease, once the production lines can pump out units. Can dominate America, but will get problems elsewhere, as there is no base. And has to build up the nation before being offensive.
France: Allied with Poland against Germany. Weaker than Germany in Europe, however, guarded by the Maginot line, so that a war becomes there soon either a trench war or you have to take the way through the Lowlands. Can try to take out British and German colonies in Africa and Asia, but is still by far not able to beat the British alone. Also only a small fleet compared to USA, Britain, Germany and Japan.
Germany: Has a fleet only slightly smaller than Britain or USA. However, the colonies are scattered and so a war with Britain should be avoided for a time. In the time of consolidation the German player should try to take out Belgish and Portuguese colonies before making a war with France or Britain. Also be aware about Poland in case of a war with France.
Japan: Not an easy position. It is an island nation with some Chinese colonies, Manchuiria, Formosa and Korea. Can have an eye on China, but also Russia. But be aware of both, as they can strike back. Also able to do much damage against the British and US in the Pacific.
Soviet Union: A land with many potential, once the infrastructure is rebuilt. However, until that point it is very vulnerable. But then can outproduce many others. As German player an early war against Russia might be a need!
Austria-Hungary: One of the weakest positions as power. Can only expand into Russia, Balcan, Poland and Italy at first and is needing her ally Germany. But then there are still possibilities to take out French North Africa.
Turkey: No Arab territories any more. Can they retake it? Can they survive a struggle against the Soviets? Can they gain territory on the Balcan? Many questions and a damn hard place.
China: Parts of it are colonies by different powers, especially Japan. It needs to invest much on infrastructure and masses. Then they can try to rebuild their empire. But perhaps the hardest position to take.
Argentina and Brazil: Both can dominate South America but for more they hardly can build up enough forces.
Italy: The Italian peninsula and a few African colonies. Hardly enough to survive long.
USA have potentials to take out North America and can also try to build up a colonial empire, if they are using amphibious operations.
France can try to gain some more territory from the Germans and British, but has to be aware of both nations as well.
Germany, allied with Austria, is in a very good position for growth. It can attack the Lowlands early and try also to take out the Portuguese colinies in Africa to get a solid base for the struggle with France (and her ally Poland). After that Russia and the British colonies are good targets.
Russia has MUCH potential, but need very much time for building up. And then it is very dangerous country.
China has some chances, but only after a long work.
Japan has some colonies in Korea and China. It can try to take out Asia and Russia.
Hope, that helps a bit.
Adler