As it has been pointed out in many threads before, both Japan's Yamamato-class battleships and the Germans' Bismarck-class had a lot of problems. For example, the Bismarck had lackluster armor plating.
WI Japan, Germany, or another member of the Axis managed to build a half-decent battleship or two or three during WWII? How much of a threat would such a fleet pose to the Allies--it'd assuredly face the same murky fate as the Bismarck or Yamamoto, but would be end up being more successful than either?
All in all, the main point of this is to figure out if the Axis had the time, wherewithal, and/or smarts to build a world class battleship, and what that ship would need to have to be a threat to the Allies.