France never becomes the strongest power in Europe. They manage to keep good relations with England and the Netherlands and probably don't fight any more wars with Spain for quite a while. If Philip is such a spender and doesn't have Louis' ties to Charles II, it's likely France never buys Dunkirk from the English.
The butterflies from this could be very interesting if they reach Spain (I expect they do, but then again I'm a butterfly extremist). King Philip IV had 2 (?) legitimate sons at the time, Philip Prospero and Thomas Charles*. But they would both die before their father and leave as heir the deformed Charles, born in 1661, whose fragility and inability to produce children would leave all of Europe scheming for a partition of the Spanish empire. Say this is butterflied away. Killing Louis and giving Spain a more reliable king could have an interesting effect on the balance of power.
*Wiki only says he was born in 1658 and died in 1659, so I can't be sure if he was born yet.