I too, recently downloaded this mod and enjoyed it greatly. There is a great overall balance to the game, the orange menace has been bought under control and the diplomacy is a vast improvement over the virtually broken vanilla. You can actually turtle to develop colonies whilst balancing war and diplomacy which is what I had hoped for when I initially bought this game. That said, there is still a "get the human player" mentality amongst the AI particularly noticeable when playing the Ottoman campaign (I play vh/vh), the European factions show little or no interest in the Indian subcontinent, and the AI does make some questionable decisions now and then. (Leaving 1st rate ships of the line on trade nodes whilst home ports are burnt with impunity and leaving capitals virtually unguarded seemingly conspiring in their own demise - problems that particularly afflict the minor factions.)
If I may make a suggestion for the future of this mod (other than improving the above in so far as this can be done) I would argue that Denmark and Portugal should be fully playable factions with major faction status and/or improved AI behavior. Aside from the fact that these factions are and were considered the equals of some factions who currently enjoy the status of "major", they could and should act as buffers to the advances of states such as Spain and Sweden who can otherwise expand almost unopposed. I find it rather immersion breaking to see these factions treated as little better than banana republics and I hate having to send troops to defend them because they are unable and/or unwilling to defend themselves. It would also be fun to play as these factions because they offer unique strategic opportunities and challenges.