This has been a program for awhile now, so I guess it's just being marketed in a new way.
The upside is that you get a free house. The downside is that it's basically an abandoned structure in an isolated village. The repairs will be (generally speaking) beyond the DIY capabilities of most North Americans. Drywall? That's easy. Stone and plaster? Not so much.
Plumbing? FML - I'm going to try to say this nicely, but I've found that most post-war era Italian plumbing can be described as "non-standard," "inventive," or "surprising." Sorpresa, bitches.
The repairs are the initial problem. The lifestyle may be another. These homes are in rural, isolated villages. It may seen charming, but not many amenities nearby. And because most young people have left these villages, you may not be able to communicate with your neighbors. And because you don't understand the local language, customs, and norms, they may actively dislike you.