Based on the Maximally Effective PH Attack thread, assuming that there is a maximally effective strike on PH that include the sinking of the majority of BB and all the Pacific Fleet's carriers, who in this scenario are in port, what happens next? Clearly in the long run the US fleet building program would replace any losses and more, but in the meantime the Pacific Fleet is out of commission and the Japanese have no carrier opposition in the Pacific, what do they do? Clearly the carrier battles of 1942 aren't going to be happening.
Also could the US carriers be refloated and repaired or were they pretty much done for?
I think the other questions are:
1) Are any of the carriers, BBs, or other ships sunk in such a way as to more fully block the channel?
2) Are the carriers sunk so as to be unrecoverable?
3) Does the fact that the carriers aren't then looming out there as a threat to the Japanese task force, do the Japanese do another wave or even 2?
Assuming they DO do another wave, they'll likely get the dry dock and the oil tanks, as well as further damaging/destroying more ships. Couple that with more general clutter in PH and PH is largely out of business for months.
The US can shift a few carriers from the Atlantic, but that'll take time and they'll likely initially focus on screening the area between PH and CA and around HI. It'll be quite a few months before the US does anything offensive in the Pacific.
Among other things, there's no Doolitle Raid with its positive effect on US morale and the affects on the Japanese of defending more strongly.
In 1942, likely no Coral Sea, no Midway, and the Japanese hold and build up Guadalcanal.
In general, the Japanese probably take Port Moresby and solidify a few other islands before they have to focus on new US forces.
The movement of the carriers and other ships from the Atlantic to the Pacific also has some effects in the European theater -- less support for Torch, Malta, etc.