[GDWFan]

Well this argument has really picked up steam lately, I have studied this subject a bit myself and heres my 2 cents.

The soviets are underestimated in every area I believe by most fiction this is basically true as they are the evil empire enemy in most works.

As far as a fully funded and equipped army is concerned I believe even with inferior equipment the sheer numbers could force NATO into submission.
However none of that means anything if the canon or personal story of your game history cant deliver a major shift in the way the soviet economy worked during the mid 70's thru the late 80's. I do not believe there is anyway the soviets of this real era could have operated a sustained war of any kind with success.

The posters here keep refering back to the massive soviet war machine of WW2, without a charasmatic leader or extremly brutal leader there would be no repeat of WW2 more likely the early surrender of WW1. The Enron like book-keeping of the Soviets and the general lack of transparency of the USSR led many Def Anylysts to some assumptions that seemed plausible that thanks to unclassified documents were fantastical at best.

Selling huge stocks of those hoarded weapons systems could provide some stimulus, Gold and Oil could also have an effect if introduced early enough.
But the income isn't the major issue its the planned economy and culture of the management in the state run industry that are the true heart of the matter here. I think a slightly capitalist yet hardline nationalist is needed to emerge from the eastern europe crisis, Hawkish enough to slap the politboro and ministers in line yet savvy enough to allow Russia to step onto the global market with force. If started early enough this leader could provide emphesis to

Build gas lines into europe proper
This would take economic pressure off of the Pact nations with discount fuel as well as tempt other nations of europe to suck this teat

Use the ore and Oil strikes to become vital to the WORLD Economy
If other nations besides the Pact rely on commodities from Russia there is incentive to work with and tolerate that nations transgressions. Look at the ChiComs.

Exert its influence on the world again
This has always been a big one for me, Give the Soviets a real voice at the start of the war. Let the new leader be boisterous and aggresive. Take it back to an era when the soviets really were a threat to communize parts of the world. The Soviets always seem week because they are without a doubt starting from a weak position.

Raise the standard of living in the bloc a level
Let this relieve a small part of the pressure on the state, lull the pop into false security before reinstituting a new collectivization, full conscription or a crackdown on rights throughout the pact.

I think these reforms or others like them would ass incentive for Italy and greeces defection. Maybe as they slightly liberalize France begins trade of high tech info and schematics for oil or gas. My main point however is that without massive economic reforms and additional income and some new tech the soviets are really a joke til they pull the nuclear trigger. The Soviets watched there empire dissapear as the policy makers watched there power vanish and they could do nothing of use. The house of cards would not or could not stand up to the stress of a true world war