Hitler was recorded as saying that it was a risky move and that Germany was not prepared for war. If France occupied the Rhineland, they could further cripple the German economy. WWII could have been averted completely, which would create butterflies throughout the 20th Century.
If Germany by some miracle attempts Anschluss anyway, we could definitely see an Italy alligned closely with Britain and France. In the East, Japan wouldn't dare attack European colonies with Europe not distracted by war.
Italy still gets Abyssinia, but it doesn't last as long.
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Alternatively, if France does occupy the Rhineland and destroy the German economy, we may see a communist resurgence in Germany supported by the USSR.