Without a unified Spain, I can't see the conquest of the new world by Spain, which leads to a number of interesting developments. Without the gold from the new world, does Austria still grow into a major player, or remain a backwater kingdom. Then if does stay a backwater kingdom, does this allow for other powers in Eastern Europe to raise, or do the Ottomans dominate this region as well. The gold did help pay for the defense of Austria in the late 17th century. Then do the English, and France take more of the content without a rivalry from Spain. Also, the reformation would most likely take a different path, with Spain not in control of Rome. One would think, that the rivalry between Christian Spain, and France would be less, do to a common enemy, as well as the rivalry between Christian Spain and England. Also do you have the Crusades go on long with the attempt to take back Spain. I have read in a couple of book, that the retaking of Spain was more just part of the Crusades across Europe and the Holy Land.