The prophecy of the Super Saiyan' would not fufilled and Freeza would end up ruling the universe.
Dragonball Z: Budokai Tenkaichi Z Battle Gate mode has this as a 'what if' senario
The Cosmic Emperor
You play the Namek saga through Freeza's eyes, end up killing all the Z fighters on Namek... then you face down with Cooler and, after an argument about which brother should be the one to rule the universe, Freeza at max power beats his brother and commands him to bow down to him as Lord Freeza.
Apparently cries of the innocent can still be heart echoing the universe.