With both poles on water, ice ages would be terrible to behold and we might even get snowball-earth episodes. If that happened, the current geological age would be one of massive extinctions, and we wouldn't be here.
If we don't reach the snowball earth point, though, even though the ice ages would be much fiercer and cover a good % of the land, the interglacial periods would be much hotter and wetter (the planetocopia explains very well what those interglacial periods would be like). In fact, these interglacial periods might be so hot that the glaciation process could not happen at all.
So, in the end, it depends on how you want to play with it.
Also, another important factor that you have just removed from the equation is that one of our main climatic drives is the antartic circumpolar oceanic current. What would be our climate like without it? no idea. I naively think it would be hotter, because that current keeps water flowing for a long time under a lot of cold, rather than on warmer waters. Better ask an expert in climate.