
Some things would have gone differently. Perhaps the English would never have taken hold initially in Virginia and Massachusetts if the native confederacies were not weakened. Perhaps the Spanish would have failed in Latin America entirely. But I think the French, Dutch, and Swedish would have still set up their fur trade excursions in the northeast. And the initial English exploration of America was driven by cod fish, not conquest.
A lot of trading posts, fortified cities, and similar footholds, but lessened ability to penetrate deep into the country. Spain could initially take control of some Caribbean islands but have their direct conquest of the mainland halted. The Portuguese and other powers could set up ports along South American rivers to serve as export hubs for inland goods.