If that deal had been made, Microsoft wouldn't have gotten the big infusion of capital that turned it from a niche vendor into the behemoth it eventually became. Which means Windows, Office, and IE (if they were ever developed at all!) would have had to compete in the marketplace without MS being able to use their monopoly over PC operating systems as a lever to boost them up over the competition. Which in turn means a whole host of products whose names are just footnotes today -- Netscape, OS/2, GEM, TopView, DESQView, DeskMate, GEOS, Lotus 1-2-3, WordPerfect, Ami Pro, and on and on and on -- would have had access to the oxygen that could have turned them into the Next Big Thing. Oxygen that Microsoft was only able to deny them because of the muscle the failure of that original deal had given them.
Who knows what the computing world would look like today if that deal had been reached?