Well, a few things:
The British might realise the terrible state of their Naval Gunnery and institute some reforms to actually mandate gunnery training, because IIRC the issue was that Executive Officers were promoted partially on the presentation of the ship. This meant that they didn't want to do Gunnery Training because it made everything messy and dirty. These XOs were promoted to Captains who looked upon their XOs favourably when they, additionally, didn't want to do Gunnery Training. (Remember, the RN has basically been a Peacetime Navy for decades at this point.)
It might lead to closer UK-Japanese ties, which might lead to greater Japanese involvement in the WWI. The Western Front is an Ocean to far, but I could see, maybe, Japanese ground troops in the Middle East. What that taste of Desert warfare does to the Japanese Militarist fuckwits... Vigourous Shrugging. What it does to the War at large... Also shrugging.
Now, what it does to UK-Russian relations... More interesting. The Entente may still form along the same lines, mostly because Germany Scary, Yo! And, that's still the case in 1904-1905. Come to think of it, with the prospect of a 'Short, victorious war' horribly out the window, and the prospect of 'Long, Victorious war' also out of the question, Russia will probably appeal right quick to, say, France for international arbitration right quick.