First, I think we should again at least acknowledge that we have to consider the merits and significance of the Theaters and time periods which were and weren't significant.
Early war Japanese conquests in the Pacific were characterized by highly effective use of overwhelming force and surprise.
More than dicey; disastrous.If the Japanese had been able to continue this kind of action a bit more, and if the Germans had won El Alamein which he have also been discussing, it might have gotten ... dicey for the Allies.
Consider that a crushing loss at Midway could have meant the loss of all three of our carriers to no Japanese losses. This makes the Guadalcanal operation untenable, resulting in interdiction of the supply lines to Australia, and potentially the loss of Hawaii. With supplies to Australia cut off, Japanese success in New Guinea is likely, putting the Aussies in a state of siege.
The still undamaged Kido Butai can now concentrate its affections on Ceylon and the Indian Ocean, eventually threatening a linkup with the German controlled middle east. This eliminates the Axis Achilles Heel of petroleum, and puts a whole different tilt to the strategic balance.
At this point, many "neutral" nations, or those philosophically sympathetic to the Allies, but physically removed from the fighting, are going to notice which way the winds are blowing and it's going to become harder for us to obtain the exotic resources needed to make our high tech war machine perform. Tropical wood, natural rubber, exotic minerals to make alloys of steel and aluminum, and myriad other resources from around the globe will no longer be at our beck and call.
So now the Essex class carriers are coming on line with their Hellcats, Helldivers, and Avengers, and it's time to start clawing our way back to Tokyo, Berlin, and Rome starting from our own shores, not some point halfway there.
How does your war of attrition look now?
Cheers,
Wes