The Soviet Union would be a starving, poverty-stricken mess like North Korea is today. The Cold War would still be "on", at least as far the Soviet leadership needed it to be to justify their continued grasp on power, but the military might would've largely rusted away. Afghanistan demonstrated amply how far they'd slipped when it came to projecting power.
A big concern for the West would be those countries along the Iron Curtain as refugees struggled to escape, bringing with them tales of tyranny and indoctrination. At this point, nuclear weapons would be the USSR's trump card; they'd be the one thing that it would have over other countries. But I wouldn't be surprised if a number got loose to various terrorist groups.
For the most part, the rest of the world would draw a line around them and get on with it. Without the ability to make continued payments to client states, other Communist parties in Latin America and Africa would sever ties and try to distinguish themselves from their alleged 'comrades' in the Kremlin.
Alternatively, glasnost could have taken it's intended course, but that would be incredibly unlikely. The Soviet Union was, first and foremost, an empire. Openness would have meant giving up the propaganda that justified that empire. What would a reformed USSR due when confronted with demands from Kazakhs and Lithuanians to secede? It could either end glasnost and crush them, or allow them secede and give up half it's land and people. That's not to mention the satellite states. Glasnost gave the means for Solidarity to throw down Communism in Poland and allowed Germany to reunite. What does a Premier say to justify throwing so many of his comrades under the bus without also justifying his own removal?