Well the overall situation on the High Seas is especially lopsided now in favor of the Alliance. The Mediterranean is still an Entente lake, but much of France's oversea colonies are effectively cut off, in the New World and the Far East, at least.
The situation on land, however, is somewhat more favorable for the Entente, at least at present. Neither the United States nor Britain have yet the reserves or system in place to effectively match the numbers that are being thrown around on the continent, at present. There may be a BEF analogue sent to Prussia, though, but expect it to be spent at a similarly alarming pace as it was in OTL.
Prussia at present is in a similar situation that France was in, in OTL's WWI. That is, having their key industrial centers either occupied or under artillery range. Its really a small miracle that Prussia has still been able to fight on. Have the French crossed the Rhine yet? If yes, then its hard to see how Prussia, with as long a front its fighting on, will be able to hold on for too long. Remember, the larger the front, the less dense soldier concentrations will be throughout the front, which means the less it will resemble OTLs Western Front.
As for the economic situation: France is still not in the same position as Germany was OTL, considering the Med. is still a French lake (barring those few RN bases). Similarly, blockading France in the Atlantic is a much more daunting prospect than blockading Germany. Definitely still possible, but it will consume alot more naval resources, in the form of destroyers, light cruisers, and perhaps a few capital ships. Also, it seems to have taken a minor miracle (several minor miracles, in fact) to keep the minor Balkan powers (Serbia and Greece in particular) in the war for so long. They should be on the verge of economic collapse at this point, considering their inability to sustain their own war effort at this point of time..
So in short, the war isn't over yet. Great Britain and the United States have entered the fray, but it will take them a year or two, closer to two methinks, for them to make decisive contributions to the land war.
The situation on land, however, is somewhat more favorable for the Entente, at least at present. Neither the United States nor Britain have yet the reserves or system in place to effectively match the numbers that are being thrown around on the continent, at present. There may be a BEF analogue sent to Prussia, though, but expect it to be spent at a similarly alarming pace as it was in OTL.
Prussia at present is in a similar situation that France was in, in OTL's WWI. That is, having their key industrial centers either occupied or under artillery range. Its really a small miracle that Prussia has still been able to fight on. Have the French crossed the Rhine yet? If yes, then its hard to see how Prussia, with as long a front its fighting on, will be able to hold on for too long. Remember, the larger the front, the less dense soldier concentrations will be throughout the front, which means the less it will resemble OTLs Western Front.
As for the economic situation: France is still not in the same position as Germany was OTL, considering the Med. is still a French lake (barring those few RN bases). Similarly, blockading France in the Atlantic is a much more daunting prospect than blockading Germany. Definitely still possible, but it will consume alot more naval resources, in the form of destroyers, light cruisers, and perhaps a few capital ships. Also, it seems to have taken a minor miracle (several minor miracles, in fact) to keep the minor Balkan powers (Serbia and Greece in particular) in the war for so long. They should be on the verge of economic collapse at this point, considering their inability to sustain their own war effort at this point of time..
So in short, the war isn't over yet. Great Britain and the United States have entered the fray, but it will take them a year or two, closer to two methinks, for them to make decisive contributions to the land war.