Here are some pictures of the game. I took them approximately once a round, after the US turn. I was playing the UK. The reduced income and factor production really hits hard in this game: being able to build only one unit in India per turn was frustrating, and I was careless and lose undefended transports and even my fighters in the Caucuses because the Japanese player decided to attack it using his carrier fighters (and thus abandon his navy to be killed by the US).
The Russian player lost her capital to Germany due to this 2-front pressure (and the fact that the US was mainly focused against Japan), and after that happened, the German player used her units to start mopping up Eurasia. The US player tried invading Japan once, but he lost, with one Japanese fighter surviving. At the end of the game, when it was approaching midnight, he decided to try a last desperate invasion of Japan, but it was easily repelled, and so an Axis victory was declared.
Now, I’m not sure if I would conclude that the Axis have the advantage in this game, but I certainly think that it’s harder for the Allies to play optimally and they have to be more careful and fight cooperatively.