Then I suppose a 200MHz 486 would be out by the end of 1996 (there are 5x86 samples that can do that, and it would be just a matter of time before the technology would reach that point). The multipliers would go higher than 4x, we'd probably see FSB increase as well. More motherboards would support larger cache for higher cacheable memory limit. Socket 4 would appear as a new 486 platform featuring lower voltage. Intel then would step in and promise a new Overdrive, which would provide an "easy upgrade", but deliver too little too late.
Since the Pentium-class FPU essential to 3D gaming would never be developped, 3D gaming would have trouble evolving. Voodoo Graphics would dominate the 3D market even more due to lower CPU load, yet the market itself would be much smaller. The demand in stronger FPU would probably lead to the return of 487 or similar socket for a third-party FPU, which would turn the stock 486 FPU off. The new 487 socket would become the dividing factor between gaming/performance PC and office PC. We would probably even see top model motherboards with two 487 sockets for parallel tasking (as you remember, the original Socket 4 Pentium featured 2 FPUs). The 487 FPUs would be made by a large variety of companies, starting with Intel and AMD, then IIT, ULSI, SIS, VIA, OPTi.
This is how I see the "hot" system of 1997 if Pentium never arrived:
AMD 486X 240MHz (6x40MHz)*
2xIIT 4C87DX8 200MHz (5x40MHz)
ASUS X-487D Socket 4 + 2xSocket487 motherboard with 512Kb of asynchronous cache upgradable to 1MB
64MB EDO RAM
Matrox Millinium 4MB PCI videocard
2xVoodoo 2 12Mb SLI
Creative Sound Blaster AWE64
*AMD 5x86 would never be named 5x86 if Pentium did not arrive. Instead, it would be named "486DX6". Intel would be the first to make it and would name it in the tradition of bloating. That way x4 would be DX6, x5 would be DX8, x6 would be called DX10 in press releases, but in order to shorten things up, it would be renamed "486X" instead, bringing even more confusion to the masses.