From a pure trading standpoint, I think Genoa is one of the most valuable cities in the game. It generates income like Athens or Sparta did in RTW, primarily because it has easy trade links with Florence, Rome, Ajaccio, Cagliari, and Palermo. In my Venetian campaign, it made more money per turn than Venice did. The Aegean Sea isn't the gold mine it was in RTW; the reduction in the number of provinces over there reduced the trade value significantly. Venice can trade with Ragusa (castle), Durazzo (tiny) or Naples, of the nearby cities, and Naples is the only one that generates significant value. Bologna is too close to trade, I'm pretty sure.
Combine high money with cheap troops and Milan can produce larger armies than most factions in the early going. Venice is scattered, while Milan is compact. This gives them an edge. Milan usually winds up taking Dijon, in my experience, and almost always winds up with Florence no matter who gets it first.
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