I can't remember which book or magazine I read it in, but one part of the success of an Italian meringue could be what kind of bowl you beat them in, and the temp in your kitchen. Yes, metal bowls are standard, but if you have a cold kitchen - like I did in Richmond - a glass bowl is better for the final process since it doesn't chill as fast as metal bowls do. Plus, they hold and release the heat slower - which is a plus when making Italian meringues. You don't want to 'shock' the hot sugar syrup since by doing so, you run the risk of the syrup seizing and forming sugar crystals, and once that happens, it's very hard to get the meringue to peak properly. However, even if that does happen, all is not lost. *More to follow on that.
One easy fix to a cold kitchen is to soak a kitchen towel in hot water, wring it out, then wrap that around the bowl. This is also a handy-dandy way to keep melted chocolate melted.
Of course, there are the usual precautions:
Were you bowls and beaters spotless? No trace of oil? -Stay away from plastic bowls and spatulas since they attract and hold oils - since plastic is actually a petroleum product.
Were your egg whites at room temp? This is actually not a total necessity, but it does affect the final "whip". However, they should never be fresh-from-the-fridge-cold. I usually break them into a measuring cup, cover it with plastic wrap, and let them sit on the counter for a bit. Otherwise, I make sure to take my eggs out of the fridge about 30 minutes before I start, or I put the cold eggs into a bowl of very warm water to take the chill off of them.
Were you sure that all the sugar in your sugar syrup had dissolved? Just like in candy making, any remaining sugar crystals can adversely affect the final results. Keep a clean pastry brush - natural bristles only, please! - and a small cup of warm water by the stove to wipe down the sides of the pan just in case crystals start to form on the sides.
*I've found that an Italian meringue really never peaks as much as a standard meringue. Yes, you can achieve stiff peaks, but they will still droop a bit. The best use I've found for "faulty" Italian meringues is to add some chocolate chips to the mix, then drop them by tablespoons on cookies sheet lined with parchment paper or a Silpat. Place in a very slow oven - about 250 degrees - and let them bake/dry out until they are crisp. Once they are done, just turn the oven off, and leave the over door open just a bit while the oven and the meringues cool off. -This last step insure they dry out properly. And, of course, be sure to store them in air tight container.
Hope this helps.

*I believe DR Jennifer had a meringue problem too a couple of months ago... or more than a couple of months ago.
