I would guess that if Sauron had succeeded, he would become as powerful as his master. He would probably recover any remaining Balrog(s?), and breed Orcs and the dwindling Dragons to great numbers. Humans would be either twisted to his will or killed, depending on the human. It would suck to be an Elf or Dwarf.
But he would be unable to challenge the Valar, as he would be unable to reach Valinor after the bending of the seas.
Sauron would be a tyrant in a box.
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