Here are some effects:
Americas: Less colonial success and greater French and English influence.
England: The Anglo-Aragonese alliance is non- existent and so England becomes more powerful on its own, perhaps getting bits of South America.
France:With a stronger Spanish enemy, Francis I never holds much of Germany, loses Italy and doesn't get colonies in the Americas.
Portugal:royally screwed
Netherlands: Stronger Castilian Hapsburg rule.
Italy:Ruled by the combined might of Castile and Aragon, for a little while.
Austria

robably still inherited by Castilian Hapsburgs and is more powerful, repulsing the Turks.
HRE

rotestantism is royally screwed.