Question

How does the treaty of Versailles effect us today

Answer 1

That's a pretty complicated question.
The problem is that a vast majority of the Treaty itself (the deconstruction of the German colonial empire, demilitarization of the German state, and the general desire for a peaceful relationship with Germany) were made moot by the rise and fall of the Third Reich. 

For small things you can look towards the League of Nations and the works that it did during its short tenure in places like Albania and Liberia. (But WWII pretty much killed that to)

On a technological note:
"Since neither rockets nor glider aircraft were mentioned in the Versailles treaty, Germany spent money on these technologies, including Wernher von Braun's rocket experiments, which in no doubt helped the development of the future space industry. Large glider aircraft designs led to the design of the large Me-321 during World War II which later was motorized and become the Me-323, the largest land-based plane at the time."