Actually a very good question. I wonder what the other Argentines would say.
I've heard that this guy was behind the attempt to turn the PJ into a mainstream, modern democratic party, which I've seen Marco Aguinis call an attempt to turn it into a Socialdemocratic party rather than the weird-ass right-wing-left-wing populist authoritarian-whatever-the-hell-Totalizing-movement it had been since 1945.
Out of the top of my head, no Constitutional reform of 1994, no direct reelection in 1995 and no reform of 1994, which amongst other things mean that there are only 2 senators per province rather than 3, and that Buenos Aires City might not get its autonomy that year, although maybe Cafiero decides to go with that reform without having direct presidential reelection.
Cafiero, I guess, as leader of the Peronist Renovation of the 1980s, is more of a socialdemocrat and thus part of the socialist left, but frankly, I don't know if the 1990's Neo-Liberal Consensus can be avoided, especially since its seeds can be tracked back to 1976. So I don't know what would be done economically, which was the backbone of the Menemist Government and the neo-liberal disaster.
I guess one would have to check Cafiero's actual stances, although I don't know if those mean anything. Menem ran as the Orthodox candidate in the primaries but then started massively radical neo-liberal programs and measures that wrecked the economy. I assume Cafiero would try to get out of the economic crisis through government intervention and maybe negotiation with the Unions that worked so hard to destroy Alfonsin's government, and which Cafiero sought to limit within the Peronist structure.
Dunno about the Military. The Army is strong enough to make some noise but not enough to launch an actual coup, and Cafiero might want to avoid the disaster of the Alfonsin presidency, but I don't know if he'd go with the blanket pardons. He'd also most likely avoid smuggling weapons to Ecuador and Croatia, sending troops to Iraq, and thus we'd avoid the Terrorist attacks against the Israeli Embassy and the AMIA.
In 1995, I guess we'd see President de la Sota represent the mainstream socialdemocratic wing versus Menem, perhaps, who might still espouse his old-timey orthodox what would Peron do? rethoric or maybe straight-up defend Neo-Liberal views, which would still be in vogue.
And of course, if Cafiero does NOT go with Neo-Liberal reforms, Neo-Liberlism is not discredited or associated with Hitler kicking Puppies, and of course, the FREPASO is not formed in the early 1990s, which means that the Union Civica Radical is not forced to play second fiddle as a third party in 1995 or form an alliance with the FREPASO in the following election.