IT also depends when the CP wins.
If the war in the west ends early (1914-early 1915) with German troops in Paris dictating peace to France and other entente powers seeking a negotiated settlement with the central powers, the German Empire will still retain the structure of a semi-democratic constitutional monarchy that might still continue to evolve into an even more democratic state. Austria-Hungary will have exacted all the revenge they feel they need on Serbia and reasserted hegemony on other parts of the Balkans, perhaps setting the stage for a liberalizing trend with respect to Czechs and some of the other minorities. Italy will have not even entered the war, probably eliminating the sort of nationalist revanchism that led to the rise of Fascism, and Russia might be more stable. The Ottomans would likely still retain hegemony over much of the Arab world. I think this would be better in many ways for the world than what happened in OTL. Only France will be a wild card, but an early defeat would at least have come at far less human cost.
If the war ended in 1918-1919 with Russia already beaten and communist, a successful German offensive and French (and to a lesser British) economic and morale collapse, the result might be just as bad as OTL, but in a different way. Germany would be a trimphant military dictatorship with neither the Kaiser nor the Reischtag having any real counterbalancing power. Russia would still collpase into Civil War, with Germany probably gobbling up everything it could and employing very draconioan tactics to pacify the local populations. Austria Hungary would also be on the verge of a collapse that might not be avoidable. Ditto the Ottoman Empire/Turkey. Whatever formal peace settlement that occurred would be far more punitive regarding France, Italy, and the Balkans, than what Versailles imposed on Germany. There would also be the matter of unconquered allied powers (Britain, Japan and the USA)that would be unwilling (for various reasons) to accept Germany reclaiming its overseas territories - something Germany would probably demand. About the only positive thing would be that Germany, at least, would not be that eager to start another major war and something as thorough and efficient as the Nazi holocaust against European jews and others would probably be avoided.