V2 was just released this past week. I've been waiting for it FOREVA. My god, is it good.
I've been playing (cheating) as Japan. They start as uncivilized, no industry, weak military power. After some careful historical revisions, my Japan has carved out large junks of the planet. I can't get screencaps to work in game yet, will take some PrntScrns later. I've seized Thailand, half of Prussia, California, southern South America, and Persia for my glorious empire.
Interesting thing, is that the game map dynamically changes the big names displayed, as seen in the screenshots above. So I currently control "Japanese Germany", and "Japanese USA", and I'm looking for "Japanese Africa" now.
Even when trying to play as a large, already-advanced country such as Britain or Austria, it's still a slow-paced game. I find one of the most interesting things to be watching the populations, and how people change their professions, their political and religious beliefs. Over time the socialist, communist, facist ideologies appear, and your population can be caught up in them. You can encourage immigration to certain areas. Currently, most of Denmark and Greece are Japanese. Koreans represent 15% of my population. And even though California was the last place I conquered, Mexicans are the first people to start moving to the Japanese islands at all. Other peoples can get pissed at poor treatment, and rebel (among other reasons for rebellion).
The political action between you and other countries is intense, and sometimes frustrating. You can direct influence points to lesser ranked countries, but so can other Great Powers. You can use them for all sorts of nasty things. With war, you sometimes have a justification that won't net you infamy points (bad), but usually won't. There are many reasons you can start a war with someone else. You gets points tallied up for victories and defeats of all sorts. You can also add in your own war goals, if someone declares war on you first. It's very common to see certain countries attempting to retake areas they previously or wars declared with the aim of disarming the target country.
tl;dr: GOTY
spoilers: didn't cover half the gameplay even half as well as needed