I agree with a lot of what's been said: the lack of an outbreak in 1905 triggered by the war could potentially mean one not too long after triggered simply by the growing social strains with no avenue for political expression except violence. The course of a large-scale breakdown of the Tsarist regime happeneing without an ongoing total war are fascinating and ought to be given proper examination somewhere.
The alliance system will be disrupted before 1914, though, since Britain was a sponsor of Japan and this war will set back our interests in the Far East (note, interestingly, that we hadn't wanted Japan to make war because we thought Russia would win), affecting the rapproachement with Russia.
By 1905, you already had the essential causes of the world conflagration in place. I think its rather more likely than not that *WW1 still breaks out: Bosnia was far from the only hotspot in the world. With a domestically unstable Ottoman Empire and a gaggle of ambitious Balkan states, something is going to go wrong before long. But the time and the place and the exact nature of the alliances will change.