I have recently purchased this on gog.com out of curiosity, and so far I am very pleasantly surprised.
The game exhibits excellent integration of warfare, economy, trade and diplomacy, while providing enough interesting choices every turn (i.e. no useless fluff, no fast forwarding). You have to constantly decide where to invest your precious resources, and those decisions have lasting and tangible effect. Investing into your home country infrastructure will provide steady and safe income, but a quick land grab in the new world can bring unique luxury resources, cash, and foothold for further expansion. But will you be able to withstand the diplomatic backlash of such action?
Production intensification, IMO an important process of the industrial revolution, plays a significant role in the game. More educated workforce represents an investment that yields both increased production and lower food consumption, but those elites acquire expensive taste in luxuries that only commodities from the new world can satisfy. That means - more expansion, either by trade and diplomacy, or by arms. Speaking of warfare, the game even features simple, yet functional tactical battles.
Overall, I was very surprised how long have this game been escaping my attention. It's obvious that it inspired more famous works like Europa Universalis and Victoria from Paradox.
