I bet it would still be a close run thing, and that Germany wouldnt get very much outside territory, more likely to get land form Russia and the Balkans but as I doubnt the Germans could descisively beat the British fleet I dont think overseas empires would get much from them.
The United States and Japan would become the two most powerful non-German nations, perhaps preventing war betwenn these two from breaking out and more cooperation between them and beaten Britain.
Russia and France would get totally screwed.
But maybe this way theres no holocaust, or if there is its in France or soemthing.