The likeliest event would have been the Brit's still fighting Germany to a standstill in France until the U.S. forces hit like a ton of bricks. In other words, had the Germans won at the Somne, WW I would then be more like WW II, although maybe without a Dunkirk.
Also, the nationalities question in the East would not have been solved. Would the Hapsburg, Ottoman and Romanov empires have collapsed or unravelled by themselves? Would they have turned repressive with the support of Germany or other outside powers? Would the subject peoples have risen and sought outside assistance for their revolts?
It's probably true that what would have happened had Germany won -- especially after a short war -- would have been much more benign than what actually did happen. It would have to have been better, given all that the war set into motion. But in 1914 or 1918 one couldn't forsee what would happen a generation later. Indeed, in 1914 one couldn't even forsee what would happen before the year was out. Even today we can't say what would have happened by the year 2002 had Germany won the First World War. And people at the time would have had to rely on what they did in fact know at the time.
This discussion reminds me a bit of the Civil War threads. In both cases, people blame the war leaders for things that actually took place later. This is much more understandable in the case of WWI, since the war did set into motion the Russian Revolution, Fascism, Hitler, Stalin, WWII, the Shoah, and the Cold War. The First World War was a great tragedy which made the Second possible.
The other contributing factor, though, was that the post-WWI generation of leaders did not take the steps necessary to move beyond hatred, as the post-WWII leaders did. A firm committment to German-French reconciliation throughout the post-WWI period could have done wonders. And though I hate to admit it, it's possible that a drive towards European Union and free-trade might have prevented what was to come.
Given the arrogance of Wilhelmine Germany, the bitterness of the French, and the instability caused by the nationalities question, it's unlikely that Europe would have taken steps towards long-term peace had Germany won, either. Anything would have been better than what did happen, but if Nazism, Stalinism and a genocidal war never happened, people would not realize how lucky they really were.