Italy up to Tuscany, Veneto, and the entire Hungary and Austria Tyrol, can be absorbed into Ottoman Empire. To the east, crushing the Safavids early on could've prevented a formidable state rising in Persia, but I guess Ottoman control there will be less effective then even Vienna. But hey, one less constant security threat is still a huge plus anyhow. With Habsburg and Persia both absent, you'll get quite a maximum Otto-wank. Russia is too far and too big, but it's more then manageable with far bigger breathing room.
With Italy, Ottoman will be in a much better position to threaten the Atlantic. Doubt it can grant them real American colonies though. Even tiny Sugar islets in the Antilles sounds doubtful to last if they'll get one at all. More frequent Islamic piracy in the New World should be expected though. Perhaps more frequent slave rebellions, too, covertly stirred by the sinister Mussulmens.