What if Italy had stayed neutral in WWII?

Well the most obvious thing would be that Germany would be significantly weaker, having lost an ally. And I think that as the war progressed, Italy might have joined up with the Allies a lot sooner than it did (1943, I believe?), and this would have turned the tide sooner, possibly leading to a faster end to the war. Alternatively, even if it didn't join the allies, it still could have helped them, sending munitions and food and what-not, to England, and that would have helped the Brits hold themselves together better until the Yanks showed up in '41, '42.

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P-51 Mustang fighter-plane.
Parker '51' fountain pen.