Just how much of the world will AA Europe cover if it extends to S America will it include S Africa too?
Yes. Which makes it truly awesome.
And even though it'd be one year too late historically, I'm sure that some German players will end up trying desperately to save their cruisers from getting bombed by the Allies, and unintentionally recreate the Battle of the River Plate:http://en.wikipedia.org/wiki/Battle_of_the_River_Plate
The South Atlantic won't be all dead sea zones, I guarantee that.
There'll be at least some games where the US will be distracted, and Italy will go all Godzilla on them, and grab Brazil... that even happens in AA50 occasionally, and there's far fewer places to hide on that board.