While I liked that steering wheel on my GTV6's, In some respects I like the one on the 164 more, not because it has that big airbag lump in the middle, but because it is nice leather, and has the horn buttons right where my thumbs rest, almost instant response without thinking of where the horn button is.
The stock plastic/rubber steering wheel on the 89 Milano was hated by both of us, awful feel, so I mounted a nice leather covered slightly small dia Motolita wheel on the hub, with a center from a Giulia Sprint GT. Looks really nice, as the older Alfas used to have, and we love the feel of the leather, slips just right.