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I rather like the Sicilians myself, at least when playing them (they're complete bastards when controlled by the AI). I can personally testify to the massive amounts of trade income they can bring in. Of course, this does mean they're especially vulnerable to a naval blockade in times of war, but I enjoy that challenge when it comes up. (Besides which, if you don't have the strongest Mediterranean navy as the Sicilians, then you're probably doing something wrong anyway. ~;))
As Byzantines on High (with or without the PM) both the Italians (Which I always rename as Venetians, along one or two other affectionate changes I make in the faction/leader title setting, such as "Count of Aragon") and the Sicilians can be dangerous, as they´re in a prime position to launch an invasion on Greece. Greece is a high income province and one of your natural barriers, should you lose, or fail to take, Serbia, and it makes a great outpost to lash out at Constantinople.
I second, third, and fourth the comment on Sicily. They can indeed get insanely rich. :laugh4: