I agree that the BT-7s were not bad tanks at all, they were just superceeded by the T-34, so they never managed to show their full capability. But the fact is that the German infantry AT-guns could very easily deal with them due to two things. Their horrible armour and lousy tactics. The T-34 used the same lousy tactics, but it's strong armour at the time made up for it, and its gun was also good against soft targets unlike the 45mm of the BT tanks.
Remember with a front as wide as this one, the armour of the two sides wouldn't meet very much. It would mostly be armoured assaults on infantry. And the infantry of 1940 wasn't very different from that of 41, and we all know that besides the KVs and the T-34 they could handle Russian tanks at the time.
Also, while it was readily accepted that the PzI and PzII were outdated, the PzII proved itself capable enough in Russia (to warrent the continued development of it, ending with the 'Luchs'). When they passed enemy points of resistance and got into the rear, it was hardly a difference if the tank was a PzII or PzIV, they could wreck comparable damage (technically no, but in reality they could more or less). And this was what happened even with PzIIs in 41.
Germany wouldn't win this time, but she would learn her lessons much cheaper, much eariler and much faster. The 41 offensive would likely be able to win.
Don't forget that it wasn't just in terms of armour that the SU was 'lucky' in 41. The Il-2 had just become active as well. It proved vital as you must know. And they had also taken the first steps towards modern fighters, and were even outproducing the Germans in this regard. In 1940 they wouldn't have any proper attackplanes nor any modern fighters, not even any nearing finished designs. They would need another year for that. Meanwhile Germany would lack heavier tanks and some experience.
But don't forget that the reason the Light divisions were disbanded was because they were not strong enough against well equipped enemies. I'm not so certain that they would be inadequate against the Russian armies at the time. And this would in theory give the Germans superior mobile punch compared to 41 as they would have more mobile divisions (if somewhat weaker).
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