Well in my game as England, I immediately sold off my European territories. In my first war (against Scotland, I had the vassalize Scotland mission), Scotland had helpfully allied with Norway. So, I could take Orkney too.
I vassalized Scotland, took Orkney, and got the "conquer Ireland" mission. Now I've annexed Scotland, conquered Ireland, and I am waiting to core so I can form Great Britain. Meanwhile, I have focused on Trade to get to trade tech 7 and Quest for the new world, and have colonized The Azores. Why am I doing this? Well, I have a rather optimistic goal - I want to colonize ALL of the Americas. I'm going to get as much of a headstart as I can on colonization, and try to form a "wall" of colonies along the east coast of the Americas so other European powers can't colonize it (no prizes for guessing that my next NI will be colonial ventures, so +2 colonists per year - later I will convert to Reformed religion to get increased colonial growth). I'm going to annihiliate the native americans, and my aim is to have every province of the Americas be part of Great Britain, with our culture and religion (obviously we will be moving our capital to the Americas at some point, and collecting our "distant overseas" tariffs from the British Isles
).
The only slight annoyance I have is that I can't set up a British coastal centre of trade. If we leave the Hanseatic trade league, we trade with Antwerpen, whose trade value is not above 800. So we can't form our own CoT in London or something. It would be nice to have that, as well as the extra 0.10 colonists per year that it brings. I tried to invade France and take Antwerpen so I could dismantle it but France kicked my ass.
Ah well. I guess we need France to fall apart but right now with their mighty army it seems unlikely. If we got rid of Antwerpen, we'd probably trade with Ile de France. That might just get over 800 with Antwerpen gone.