I think people are putting too much emphasis on strategic bombing.
First of all, Bombing had a debatable impact on the German war effort. While it certainly had an effect, it didn't bring the war to a close and didn't really have the crippling effect that its proponents expected. I tend to think of it like the British blockade in WW1, Effective but primarilly harming the country it's self not the countries ability to wage war. Eventually perhaps it will ware the country down on its own, but that would take many more years. As for individual targets, when damage was done, the germans were usually quick to repair it. The Russians could almost certainly do likewise.
Secondly, Bombing Russia and Bombing Germany are two massively different things. First of all, the Allies had increasingly complete and by the end of the war total air superiority over Germany. Such would not be the case over Russia. Russia's industry was also significantly further away than German industry, this would again ensure that the Allies would never gain air superiority to such an extent that they could bomb with impunity. (Unlike what occured with Germany in the last year of the war)
As to the war it's self.
Atleast on paper the Red army was significantly superior to the allies both in quantity and quality. The Allies had taken almost a year to travel the distance from Normandy to Berlin, despite their total and utter air superiority over Germany. The allies still have to finish their war with Japan. The Atom bomb has yet to have been used and is certainly in no position to be mass produced.
To win the allies would have to push the Soviets back to the 1939 border of Poland atleast. This would be nearly impossible for them to accomplish.
On the other hand, the soviets had to push far enough to force the Allies (Primarilly the US and Britain) to withdraw from the continent.
The Soviets have a far greater chance of bringing about a withdrawl to Britain than the Allies have in pushing the red army back to its 1939 borders. It is possible a new stalemate could have been drawn at the river Rhine, but this seems doubtful.
Air power is dominant when it is not opposed. During this war, atleast for the imminent future, the allies air power would be facing a far greater force than the Luftwaffe. You may argue over quality, but the quantity of the soviet air force would ensure that the allies aircraft would have a muted effect on ground combat, which would significantly favour the red army.
That said, it is impossible to say who would win with complete confidence. Strange things often do happen.