Well, it didn't exactly turn Belgium into a great power.
It does raise some interesting questions. Is there any way to speculate on what sort of colonizing power Sweden would have been? If Sweden was able to to establish substantial colonies in Africa, South Asia or the Americas in the 16th-18th centuries, what would be their purpose? Because of the small population of Sweden, I would imagine trade and resource exploitation, rather than settlement of excess population. Would this put Sweden on a collision course with Britain, France, or Spain? Perhaps such conflicts could could create a completely unexpected trajectory for Sweden, especially if they were able to win one or two.
I think Sweden's best route to great power status would be, as others have observed, becoming a continental power based on union/dominion over protestant north Germany, the Baltic states, Norway, and Finland. If they could manage to conquer all the Baltic coast, Russia (or part of it) might easily become subservient. They were oh, so close, but lost their nerve.