In the games end position, Alekhine is threatening a few things - first the bishop has developed with tempo, threatening Bxb7 forking knight and rook. If black castles queenside he can play Qxc6 because the b-pawn is pinned to the king. Also if black takes the bishop, White takes the N. Another threat is Qxf6 forking bishop and Rook. The knight on a1 is at least temporarily trapped, and playing b3 and Bb2 might make that permanent. There is also a Q check on h5.
What do you see for black?
Regarding the played game, Black doesn't seem to be in trouble. On chessgames.com, some guy named Calli stated that the game was part of a postal chess tournament. He said that Romashkevich withdrew from the event and his unfinished games scored as wins for his opponents. He also cited the Skinner & Verhoeven book as a source, so I'm assuming the information is correct.
"What do you see for black?"
Among other things, control of d4, even material?, a more developed position with better pawn structure, and both bishops active and outside of the pawn chain. There's a hanging pawn for black, but white has two pawn islands. I would imagine that black would be playing to exchange off the white queen, or at worst, face an endgame with a bishop and rook vs. queen and better set up of pawns.
@ Mad Rook - very interesting, I had no idea! Was quite happy to look at it as, well if I'm playing the black pieces against AA no less, this doesn't look much fun to figure out at all here.
@ Jimmytheharp - d4 is still contested due to the pawn on c3 no? I see what you mean about the pawns though, and the bishops look good. If the rooks can be activated they can beat the queen, though there are no fully open files thanks to all those black pawns in the way 🙂 I don't know what to move for black here though - just take the bishop? After QxN check and b3 black's gonna lose the N on a1 no?
Now after black moves Bb2 or Ba3