I have to agree with daronk on a couple of points, there. It was a strategic game on which way to go to expand. Since the end of the Napoleonic wars, France has been a bit slow to engage in conflict or try to ignore it and stay neutral.
My understanding was that Germany kept the army small for several years until they wanted a big army, and then they were so built up in hardware (which most of the world already knew about), nobody wanted to attempt to enforce the treaty. At best, WWII would have started a few years earlier. The outcome probably wouldn't have been as severe, but again, the US didn't want to get involved in European affairs, especially when in the middle of a major depression. Who's got money to fight wars when you can't even grow and distribute food to feed the people?