I'm in the middle of fun game as India with CORE. I started as the UK and released India. Then, I went into the save game file and moved a few generals and admirals from the UK to India. As India, I had ~100 IC and all the technology of the UK. There was an event in CORE that brought me into the Allies a few days after independence, so I was able to take advantage of some tech transfers. I built up a small fleet (a battleship, a battlecruiser, a trio of pocket battleships, a half dozen destroyers, and a bunch of subs) and an army of about a dozen infantry divisions.
It's 1942 now. My army did well in North Africa, helping the British take Tripoli. The army was out-teched by the Italians, but quantity is a quality of its own. My navy gained control of the South China Sea for a while, until the Japanese transferred a half-dozen capital ships there. My subs and destroyers are at the bottom of the ocean and my cruisers (ie pocket battleships) and battleships are being repaired in Indian ports.
The Japanese, however, are about to burst through the frontier. They've finally taken Nationalist China and are tearing through Burma. Within a month or so, they should reach the border of India. Unfortunately, I've spent most of my IC building my nice fleet (I've got two more battlecruisers and four destroyers under construction now) and my army in India amounts to only about six divisions, which is outnumbered something like 5:1, and I imagine the Japanese have a technological advantage over me. It's going to be a while before more units are completed so I'm going to have to bring my forces back from Africa. But, the Med. is crawling with Italian warships, so I'll have to send my fleet to escort the transports back to India. What's worse, is that I only have 4 transports, which means I'll have to make three trips.
Also, as if the situation couldn't get any worse, my economy's going to tank soon. I wasn't able to stockpile enough coal prior to the outbreak of war and I've only got two months supply left. I'm considering staging a raid on Rome to capture Italian coal. If I don't get more stockpile, my production and trading will only cover about half my IC.
So, it's been a fun game. High-tech, moderate IC, and an army and navy built from scratch has made this a very interesting game.