Okay, so I did an Ottoman start in Persia patch.
By 1560, casual blobbing, I had nothing I wanted to conquer, except a few provinces in Arabia and Persia.
By 1600, out of pure boredom, I conquered half of Russia, all of Balkans, East Africa and united Islam.
By around 1620 I ran out of possible rivals.
Now it's 1693, I spent the last 100 years developing states and making the borders pretty.
During all this time, half of my army was drilling in Thrace and Constantinople because I like pretty blue army borders.
I guess my point is, the new "ottoman nerf" did nothing to hamper the player. On the contrary. It has solid expansion options, along with a few (finally) strong opponents that don't implode by 1500. And by strong, I mean, for a skilled player, it takes around 40.000 manpower to permanently cripple either Poland or the Mameluks. If you don't want to merc up, that's around 20 years worth of manpower total. So it's easily doable by 1500.