I have seen many Axis won games where the Axis won by the skin-of-their-teeth. If those games went on a couple of more rounds, it would have surely turned into an Allied victory.
For example, I have seen this happen: Germany takes over Russia gaining Leningrad, Stalingrad and Moscow. They already have Berlin, Warsaw and Paris, plus Italy has Rome. There is 7 of the 8 VCs they need to win on the Europe board.
While Germany was fighting in Russia and Italy was dealing with the British in the Med, the US fleet stomps the Japanese fleet and has them cornered on Japan. The US also builds up a HUGE invasion force in the Atlantic. They move it to SZ 91 off of Gibraltar. That same turn, Italy finally manages to grab Cairo from the Brits –- VC #8 — and puts a single destroyer blocker in SZ 92.
See, the Allies are screwed. That big US invasion force could easily take Rome, but the US fleet has to stop in SZ 92 to smash that 1 Italian destroyer. Therefore they can’t get to Rome, or Cairo. From SZ 91, even with the Gibraltar Naval Base, there is no other European VC that is under Axis control that they can get to. They could invade W. Germany, but while that would hurt the German effort, there is no VC there. Both Berlin and Paris are 1 more turn away. At the beginning of Italy’s turn, the Axis win.
Berlin, Rome and Paris could all be totally undefended, but since the Axis captured their 8th VC and held it for one full round, they win. In a way, this kind of sucks but that’s the rules. I guess it is designed to make the Allied players think harder about their defence of VCs. Perhaps go all out on that critical 8th VC to keep it from the Axis an any cost, whether it be Cairo, Moscow or even London.