Fantastic! I second the suggestion of marcus_aurelius. But with 46 member states and the Soviets gone, the new challenges will need to be very powerful or the problem currently affecting NATO OTL will come into play (too big, too divergent) and NATO will likely shed some members during the '90s.
Truthfully, what I was thinking there is that NATO evolves from commie-stopping to ensuring peace in the world by many ways, with military action being the absolute last resort. I do agree that things will have to change, but that fight won't be over - the civil conflicts in the Balkans and Russia will still be tests for NATO, and we still have China. I was thinking that Tienanmen Square causes the world's investors to be sick to their stomachs and pull out, and China's hardliners turn inward as a consequence. After Russia's civil war ends, a strongman (aka Vladimir Putin) ultimately takes command, with the help of the oligarchs and the military leadership, begins rebuilding Russia as a power again, with the help of the Chinese. They sort out their border issues and start working with each other. This ultimately ends up with a return to two blocs - Russia and China and their allies on one side, NATO on the other. In this world, India takes China's place as the world's rising industrial power - and India and Pakistan is STILL one of the world's major pain in the ass flashpoints.
Maybe an earlier rise of organized terrorism that proved to be a bigger threat than IOTL? Climate change affects weather patterns and causing resource conflicts all over the place? Just my couple of cents.
Marc A
Well, I did point out that the US decides to partially destroy communism by helping to economically advance the nations of Latin America, the Middle East and Africa that side with the powers in Western Europe and North America. Thus, the economies that most benefit from this - Brazil, Mexico, South Africa, the Philippines, Malaysia, Thailand, Turkey, Israel, Palestine, Morocco, Argentina - are considerably wealthier than OTL, which could bring on the concern of climate change sooner.