About strategy: Yes, I tried it only holding rich cities and strongholds with good strategic positions. After some time you have a network of hideouts and trading ports around all Thera, capable of striking at any coastal province you want. It gives much authenticy and is pure fun.
About sharp shooters: They really rock. It expands your possibilities to use guirillia tactics. Their pure range gives the word skirmish a new meaning
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About campaign fun: Their units look like the units of the Reich with skull symbols. They have pirate ships and a useful starting positions (comparable to the ventian one in vanilla).