Actually, it really looks bad for the allies at the start of 1942, but in reality, it seems like the axis are paper thin and the allies can just roll right through and crush all resistance.
Take the Pacific. America got some uber power boosts while Japan actually got nerfed a little with the loss of a carrier and fighters. (Okay, you get a BB, but who here is gunna tell me they’d trade a carrier and 2 fighters for 1 BB?)
Europe looks really bad for Russia, but you have to look closer at the bomber and fighter (a huge boost for Russia over 1941!) and the increased armor in Russia. Much easier for Russia to push back the Germans a bit and get some breathing room in 1942!
China nearly doubles in manpower! (to be a true doubling, they’d need an extra fighter, but even the game designers had to resist that!) How that can be justified no one can tell, seriously, by 1942 in games startin in 1941, China does not even exist, let alone have double the manpower and all their territories!
England’s got a massively larger fleet presence in the Indian Ocean, but they have a lot less land. Dunno if that’s enough to justify the problems the Axis have though.
Given the few games of '42 I’ve played, I’d wager that each axis power needs 20 IPC in bid units at the start of the game to even the score. perhaps 24 for Germany, 24 for Japan, 16 for Italy instead of 20 each. (That might be over kill, but you get the gist.)