The more I play, the more convinced I am that the reason people are thinking the Axis have an advantage in the '41 scenario is because they are trying the same old KGF strategy. A US Pacific strategy is not only possible, but IMO, necessary. Japan makes entirely too much money, too quickly, for the Allies to allow her to translate that into pounding the Russians and the Brit holdings with impunity.
A US Pacific strategy basically forces the Japanese to respond in kind or else risk losing her high value islands and bonus money. Japan starts with an advantage in fleet strength (considerable after J1), but she has to split her attention (and income) between China, pressuring Russia, conquering the British holdings, and countering a US Pacific build. If you remove the threat of a US Pacific fleet, Japan can go hog wild on the other goals.
Conversely I do not believe that the US and Britain coordinate as well in the Atlantic as they did in AAR. Maybe it more perception than reality but it seems far easier for Germany/Italy to defend against US/Britain than it did in AAR. My guess is that that is intentional.
It will be interesting to see how this shapes up in the future, but my instinct is that the game is actually quite well balanced in '41… ;)