If Imhotep had defeated O'Connell, he would have killed Evie and fully resurrected his lover. This seems tragic on an individual level, but hardly a catastrophe in the grand scheme of things.
I know he has some sort of zombiefied followers, and the Medjai warned that he was
"a bringer of death"
but are really quite vague about what that means.
So what happens next? Does he conquer the world? Does he destroy it? Just how ambitious is he, and how evil?