That actually poses some very interesting "what-if's" in it.
With no Mediterranian campaign the British could have sent more units to the Far East. What if Singapore doesn't fall, the Japanese invasion fails? Force Z manages to intercept the Japanese invasion fleet because a carrier or two was available for air cover and the invasion force is crippled at sea and overpowered on land.

Britain is faced with only the immediate possiblity of an air campaign as a means of carrying the war to Germany.

It also changes the Eastern front as well. Italian forces there are no longer available (such as they were). If Germany doesn't invade the Balkans due to Italian involvement in Greece (let's say Mussolini stays home and doesn't invade allowing the British to interviene) the mass of troops garrisoning those areas is now available for use in the East or as garrisons in the West.

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