I'm playing as Austria, and things are going pretty good (I've reached 1650 or so). Through extraordinary luck, I managed to inherit Hungary (which is, of course, historical) as well as an expanded Saxony (which certainly isn't). I'm playing with the Austrian Netherlands option (although I disagree with it, I'm not stupid

), and I let the Dutch revolt and took back everything but the Hague (better letting one province go than ruin the whole lot through years of revolts). France pretty much dominated Italy (conquering Milan, Modena, the Papal States, and Naples), but I've conquered quite a bit of the north from them. Sweden hasn't performed well, but that's proably more due to my Austria-Denmark-Russia alliance than any faults of the system. England is also doing badly, although at first they did well against France (even conquering Picardie), but later France invaded the island and has taken over all of southwestern England. Eire has not only survived, but has sent out colonists to a couple of places. Moldovia has kicked some butt simply due to having taken Kurland (and the CoT) from the Teutonic Knights while allied to Poland. They don't just dominate that CoT, but also from time to time monopolize Venice; needless to say, they are raking in the ducats. I've probably got a pretty high BB rating from conquering Bavaria (which stupidly attacked me and my allies on its own at the very start of the game) and Bohemia (hey, those
are my shields on the country), but I've managed to get elected HRE almost every time because I channel huge amounts of money to a select number of electors (Baden, Lorraine, Cologne, Hessen, and the Palatinate) and keep them on good enough terms that they keep electing me Emperor.
Other than a few oddball colonies (Pomerania is in Brazil, but they have become a major north German power, having taken out the Hanseatic League; Eire and Venice have a couple of colonies here and there), the colonial picture is pretty close to the historical trends, although the Dutch have done somewhat better than they actually did in North America. Africa has mainly been colonized by Portugal and France (with the odd Turkish colony here and there), while Indonesia is mostly divided between Portugal and the Dutch. The most amazing thing is that Spain has actually colonized the Philippines!!!! I've never seen nor heard of that actually happening before.