Ric Flair would have been kicked out of Evolution, which would drastically reduce the qualities of the stable. It's most likely that Randy Orton and Batista would have suffered as a result, Ric Flair's presence arguably did just as much as Triple H's for building up the two new megastars.
I think it's very possible that Batista would never have held a world title without Ric, Dave Batista was pretty old for a rookie wrestler, he's a year older than Triple H. If he didn't have that immense push with Triple H and Ric Flair behind him, chances are he wouldn't have made it to the top before his age started catching up with him.
He would have lost it the very next week and there would have been no major impact. I'm a huge fan of that match and I think the building would have exploded that night if Flair had someone won the title.
Evolution would have imploded probably, Batista and Orton may have tagged a bit being the "young guns" from Evolution and using that as a gimmick, before going onto their own thing seperately. HHH and Flair would on the other hand have had a few month feud over the WHC probably resulting in HHH getting it back sometime down the line most likely in one of the big 4 PPV's in a blowout match.