There still could be a Dutch Revolt driven by the ambition of William the Silent of Orange. If not, Flanders and the Spanish Netherlands will continue to be the economic center of the continent, and they flourish because of no blockade by the Sea Beggars. More commerce with America through Seville/Antwerp, possible Flemish/Dutch emigration to the Spanish Indies.
The HRE keeps its religious and political unity. No Perpetual Diet at Regensburg, thus more effective administration, and no devastation because of the 30 Years War. The Teutonic Order does not evolve into the Protestant Prussian Kingdom. Perhaps Teutonic Knights are incorporated to the HRE.
Perhaps the Henry VIII divorce is now an anecdote, as there was no a separate set of religious sects to give him an intellectual background, and Mary I could redress the English situation. Increase of commerce with Spain and the HRE. Also no Puritans, thus no religious driver to settle out of England, and no Mayflower. North America is colonized by other means. Up north, Flodden Field still takes place, Scotland gets less aggressive for a time, and no Presbyterians.
Possible alliance between Spain, the HRE, and England against France. France could try to get help among the Turks. Turks that probably do not conquer Hungary in 1526, and find arrayed against them the forces that were battling the wars of religion. Perhaps that could end in some political marriages, Felix Austria-style.
Probably Sweden does not go devastating Poland and Northern Germany. Perhaps against Russia? Or, Poland helps Russia to get the Golden Horde/Crimean Khanate out?
Too many possible outcomes, but I think the major points are:
- Europe remains together, so Tartars, Turks, and North African pirates are dealt with 100 or 200 years before our time.
- France remains a wild card.
- I am not sure what could have been different for Spain, with the exception of less American bullion spent in wars. Still risk of hyperinflation. A Charles II could be avoided by marrying more with the Stuarts/Bourbons.
- More peace, good for the economy and the technical progress.
Of course, I am not an expert on the matter.