The problem is that strategically the situation of the Axis is bad, because they cannot realistically hope to knock out any of their major enemies within a reasonable period of time. Moscow will not be enough to cause the SU to surrender and Stalingrad is far away. That means that the Axis will probably be forced to conduct various minor operations and won't be able to do much else, unless sth strange and unexpected happens again.
Here is why I believe that the Axis cannot score major victories:
1. They need not only to take Moscow, but also Stalingrad and even then they need to hold other Soviet VPs or the Soviets won't be defeated. Supply problems deep in Russia and the length of the frontline makes this option unlikely, although it may still be the best shot the Axis has.
2. Japan has no chance of defeating the USA for obvious reasons. In fact, they are now so overstretched that I expect that their actions will mostly be restricted to various counter-moves. The good thing is that Japan has a navy, but they still can't be everywhere at the same time.
3. The UK has high-lvl radars and naval superiority, which makes ninja invasions unlikely and a "real" non-gamey Sea Lion infeasible.
4. If the Axis concentrates on the Allied forces in Italy, the Allies will simply evacuate and attack elsewhere. Cpt may destroy some of their ships and the Axis may overrun or encircle a division or two, but there is no real chance of destroying the bulk of the Allied forces there IMO.
That leaves attrition warfare, sth which the Axis cannot win.