Yep - Britain and France have 2 more years to get their shit together - depending on what the POD is that delays the war
My idea is having the Russians invade Poland on the same day as Germany resulting in Britain and France having 2nd thoughts (ie they decide that they would have to declare war on both nations and balk at that!)
So even though they do not declare war they still ramp up rearmament which I think places them at being far stronger than OTL 1940!
No fall of France and no Italians in the war (so the Med/Suez is still open to normal traffic) means no occupied French indochina and no US Sanctions on Japan as a result
With France and Britain less distracted nations like Netherlands, Belgium, Norway and Finland might benefit from increased arms (for example those that ordered US Aircraft would get them)
The USA would be more geared up for war production - maybe not as per OTL - but more than in 1939 and with the Nov 1940 elections out of the way - less reluctance to 'assist' Britain and France
More time to Bring Belgium into the new Entente as well.