The third book was a much stronger and better-written book than the second, IMO. I think there was much less padding and more of a substantial look into how the characters actually thought. I'll actually miss that Rolf fellow.
As to its effects...
A Soviet makes a remark about the smaller economies of the Warsaw Pact jump-starting the shattered economy of the USSR, but I really don't see how that can happen. They already stripped Poland, Hungary, Czechoslovakia, and East Germany in 1944-1945, and the bombings during the recent war haven't helped those countries. The Soviets can take what they want, but there's frankly not much to take. Poland's going to stay an agrarian backwater indefinitely. East Germany has probably been bombed into rubble conventionally. The various uprisings have also hurt. The USSR's going to be an economic basket case forever.
Combine that with the fact that Stalinist hard-liners like Molotov are in charge and that people like Gomulka or the Hungarian reformers won't take power in the satellites, and the entire thing is going to be an anaemic, North Korea-like mess. Maybe by 1970 someone competent might take power and enact some Titoist reforms, but the Warsaw Pact, collectively, is not a superpower anymore.
That leaves a lot of room for Britain, France, and Portugal to hang onto their empires. There won't be a Suez crisis, since Britain, France, and America will be busy rebuilding the Suez, but I imagine the European powers will be much more likely to twist Egypt's arm into allowing their continued domination of the canal. America and the USSR are too busy rebuilding to do much about that. Portugal in particular might hold onto its empire (in Africa) to the present day.
I wonder what the cultural effects in the Warsaw Pact, particularly in Poland (third failed uprising in a decade), will be. Stalinism continued into the 1960s, no reforms of '56, the devastation of the Third World War and the uprisings...what might they look like?