S.Arabia has a lot of toys, but there isn't much evidence they know how to use them. I agree with you on Italy, I overrated them. There should be an asterisk next to Russia as well. Give 3-7 a couple years build up and I think any one of them could embarrass the Russian military....assuming it doesn't go nuclear.
The only thing that maintain the illusion of Russia being among "leading powers" is their post-Soviet nuclear arsenal. In terms of economy, infrastructure and conventional military capability they're lagging behind significantly.
