Taken directly from the Wikipedia entry of the Sandhurst Wargame:
So, pretty much every facet of the German war machine, from machines to men to morale, takes a heavy beating. Much of the vital armoured spearheads that forms the key to their military doctrine is sunk to the bottom of the Channel. According to the wargame, both air forces take equal losses of planes in relation to their starting total, though Britain comes off ahead as their pilots have the luxury of being over friendly soil, however the RAF may still be forced to retreat to 'North of the Thames', at least for a while. The German economy, robbed of valuable barges, also suffers. What remains of the German surface fleet is either sunk or scrapped, with maybe something kept as a Fleet-in-Being. The concept of airborne troops is certain to be discredited among the Germans (they stopped using them after Crete, and that was a success). The upper echelons of the German power structure will likely be decimated in an almighty 'blame game'. The panic and defeatism in both the British public and military gets swept away in a quick cycle of invasion, initial struggle, and absolute crushing victory. Hopefully that would result in a more measured, logical war effort and foreign policy. Joseph Goebbels' 'Total War' speech, and the ensuing German mobilisation, happens over two years early. The resistance movements in occupied countries get a lot of traction, seeing the Nazis running with their tails between their legs. Stalin becomes even more convinced that Germany declaring war on the Soviet Union is a total nonissue in the short term. American response is polarised (On one hand, Germany is less terrifying, on the other hand, Britain seems to have the war under control).
And this isn't even considering the possibility of Chemical Weapons. Between a more cautious Hitler possibly not declaring war on America, and the prospect of sending boys to fight on a poisoned continent, America might end up being more reluctant to enter the European war.
Does anybody know of good timelines that explore a post-Sealion war?