AltWW2 as of 2/20/41
The declining months of 1939 featured the beginning of World War Two--but it wasn't started over Poland, at least not yet. Hitler delayed the invasion of Poland for a couple months (with of course the coordination of Secretary Stalin), which left the Soviet Union time to invade and annex the Baltic states, much to the objection of Britain, France, and the United States. The Winter War was procrastinated until, theoretically, after Hitler and Stalin dealt with the Poles.
In the meantime, Hungary's theoretical place in an alliance between Germany and Italy was replaced by a growing power in the Middle East: Turkey.
Unfortunately, future cooperation between the Soviets and the Nazis would be limited to just Poland: war broke out between the former and the Japanese (in a rather convenient time, as the majority of Japanese forces were fighting Mao and Kai-Sek and were not prepared for another front).
The invasion of Poland and Danzig (in the early months of 1940), as OTL, led to the declaration of war between Germany and France. By March not just the UK had joined France in the war, but the US did as well, mirroring Turkey's acceptance into the Berlin-Rome Axis.
By June of that year Germany, Italy, and Japan had solidified their alliance, bringing Hitler and Mussolini into a war against the Soviets. Turkey formally removed itself from the Axis, as it was already bogged down in a blitzkrieg south and warily watching for an American invasion.
By July Hitler's dual invasions of France and the Soviet Union had slowed to a standstill (the Soviet one considerably more successful than France's), Turkey and Italy had made easy work of unprepared French and British colonial armies, and Stalin had cut Japanese support to its invasion with the occupation of most of Manchuria. Throughout the Mediterranean Italian and Turkish ships were sunk, and it was only through Turkey that the Italian African armies weren't starved and diced.
September featured Turkey seizing the Canal and Cairo while Iraq capitulated, the German occupation of ex-Lithuania and the attempted occupation of Benelux, and the bloodily failed invasion of Greece.
By October the Americans held aquatic landings against the Turkish (careful not to repeat the mistakes of the last war) and the Italians in Libya to assist the French occupation. Bulgaria and Romania were absorbed into the Axis against the Soviets and the Greeks.
By January of 1941 Korea had been seized by the Soviet Union, Japanese advancements through China had seriously suffered, and, to add onto that, the tactical humiliation of the Japanese navy led to the liberation of a large portion of China by ANZAC-led forces.
It is only a little more than a year since it began, but what's is clear is that this war will be worse than the last. The fronts in Asia, Africa, and Eastern Europe can attest to that. However, there is a sliver of hope for the democratic powers of the world: already the fascists have shown evidence of over-committing themselves. If capitalized upon, it is clear that victory can be reached. The Italian-occupied expanse across Egypt, Sudan, and Ethiopia can be cut apart, and the Americans have planned for an invasion of Ankara that could undoubtedly bring a downfall to the Turkish. In Asia, ANZAC forces have led surprising victories against the warmonger Japanese.
However, there is one problem: the Soviet Union. Assuming Germany can be defeated, a large portion of territory would be handed to the likes of Stalin. The Soviets could just as easily invade the Turkish and China, and drop a red shroud upon the Middle East and the East. Whatever the future holds, it is clear that nothing will be as it was.