Having read the airliners.net thread I've slightly softened my opinion on Alitalia. If they survive that is.
It's being suggested the rate of transfer pax (China Southern in particular was mentioned) is very high, if that is the case perhaps there is space for AZ and FR to coexist. The one thing STN doesn't have is full service global connectivity. Or indeed any connectivity beyond a few points in the Middle East. This isn't something I'd really considered.
This puts them at an advantage to CY as they were pretty much point to point.