Sender ID:
There are no known restrictions on Sender ID to Italy.
The Italian networks are however keen to stress that using a company name in the Sender ID is only allowed when the message is from that company.
Content:
There are no additional content restrictions beyond those in our Acceptable Use Policy
Other features/restrictions of note:
Delivery Receipts:
Handset delivery receipts are supported.
Links:
Global SMS Features Overview (Outbound only)
Global SMS Numbers Features Overview