The World in 1670
USA
The USA still focuses on income more than its military, possessing relatively few military buildings and enjoying great wealth from trade. It has, however, embraced several land military ideas and built up a relatively large army - 400 regiments is a not inconsiderable force on the American continent, where armies have generally been much smaller than in the rest of the world.
Navally, the USA remains a medium power. It has a blue-water navy, but its navy is probably the weakest of any serious fleet, lacking most of the naval ideas or decisions. So while the USA can safely deny the seas to a fleet-less enemy, it must tread carefully amongst the true naval powers.
Catalunya
Catalunya fields currently the world's second-strongest fleet; in normal situations, the third-strongest, but Malaya is hurting at the moment. With a stronger naval focus than its northern neighbor, it nonetheless fields a decent-size army, just slightly smaller than the Mayan military. Also like the USA, Catalunya is strong economically, though more of its income comes from production than trade compared to the USA.
Catalunya does not need to worry quite as much as the USA about losing wars, since it has a much stronger navy that it can use to block access to South America. It does, however, have Iberia, which has proven as much a hindrance as a benefit; when a European land power wants to bring Catalunya to the peace table, Iberia is threatened, and unlike the Americas the fleets cannot block access.
England
England has dealt poorly with its size - it is one of the largest nations in the world in terms of provinces, but lacks the income to match, leaving it behind in tech. It has relatively few level 6 buildings of any kind, and struggles to pay for the military with a likewise small census tax. The complete annexation of Huron, saddling England with a number of poor, non-core, wrong religion and wrong culture overseas provinces also dragged heavily on England's tech for decades, and it is only just starting to recover. Golle has, however, invested considerable resources in preparing for a move to the Americas, and time will tell if that can reverse England's fortunes.
England fields the smallest and worst army in Europe, well behind in tech, but a decent navy that is only slightly behind technologically. In the tally of naval powers England stands behind Malaya, Ethiopia and Catalunya, but ahead of Kongo and the USA.
Bavaria
Bavaria fields the world's largest army by a decent margin, and possesses a world-leading income as well. It has recovered significant swathes of territory once lost to the Slavs, and also gained much of France in the interim - looking at the Bavaria of today, one can barely tell how it teetered on the brink of destruction decades ago, and it may emerge stronger than it began when all is over. Then again, owning the world's richest concentration of provinces will do that.
Nearly 1.2 million soldiers under arms and high military tradition makes Bavaria a power not to be trifled with. If it has an Achilles heel, it is the lack of a fleet; its American provinces are vulnerable to naval powers. Then again, Bavaria need not care very much if the Americas are occupied, and in any case, has long been friendly with Catalunya and its world-class fleet.
Croatia
Croatia has returned significant territories to Bavaria, but can still call upon a formidable army of around 500 regiments (currently; there's head room). Military tradition and the economy are good, but Croatia is also surrounded by powerful land nations - Persia, Bavaria, Russia - any one of which could fight it to a standstill or worse. It must tread carefully.
Russia
The Russian army is second only to Bavaria's, but Russia has far more neighbors to worry about - it borders England, Bavaria, Croatia, Persia, Punjab and the Khanate, and has at some point taken bites out of almost all of them. Regardless, Russia retains a formidable army and a good economy - roughly a thousand regiments, and excellent military tradition. Russia also won powerful military decisions in the auction that let it punch somewhat above its weight compared to other land powers. It still has the various toll and trade route modifiers that enhance its provinces' production and trade income.
Persia
Persia has good production income but terrible trade. It is, more or less, an army with a state; it has spammed conscription centers in nearly every available province, and has military ideas and decisions that, like Russia, allow it to punch considerably above its weight. Not that its weight is small, with a forcelimit of 700 and 600 regiments currently.
Tripoli
Tripoli is in bad shape at the moment due to being largely occupied by Persia and Qin. It retains about a hundred regiments.
Tripolitanian trade, and thus overall income, has suffered the last several decades due to low prestige and other such factors. In normal, non-occupied times it can field perhaps 250 regiments, with moderate tradition.
Kongo
Kongo currently is hampered by a dual focus; land sliders, but several naval buildings and ideas in order to allow it to function as a hybrid power. In income, it is a bit higher than average, certainly enough to support its military. Navally, Kongo fields a middling fleet, better than most, but only superior to (perhaps) the USA among other naval powers. On land, Kongo fields about 400 regiments of cannibal soldiers, a number which has proved inadequate to defend Africa, leadng to a loss in the recent war and the ceding of ten provinces, six to Bengal and four to Punjab.
Ethiopia
Ethiopia is the richest of the African powers, but also shares a land border with Persia, which has been problematic given Ethiopia's naval specialization. The Ethiopian army, 500 regiments at its height, is usually the largest of the naval powers (due to said border) but is currently attrited somewhat due to war, with slightly over 400 regiments still in the field. The Ethiopian navy is excellent, second only to the Malayan in quality and currently second to none in size and technology. A large census tax and high production income funds both.
Punjab
A poor power recently vassalised by Persia, Punjab does what it can with its land specialty. It fields 300 regiments of decent quality, with moderate army tradition. It is unique among player nations in having no navy at all.
Mongol Khanate
The Khan rules a poor nation, with low taxes and little trade. The bright spot is a good production income fueled by the Siberian iron and copper, which pays for a decent-size army of 375 regiments. The Mongol army boasts good leaders and tradition as well as specialized ideas, but has a mixed record in actual combat. In particular, the Ethiopian Janissary Corps under its recently departed leadership boasted a nearly two-century record against the Khanate - studded with frequent wars - in which the Khanate's troops lost every battle against Ethiopian soldiers in every war in which they fought. The last time Mongol troops defeated an Ethiopian army in battle was during the First Crusade against Gujarat, sometime around 1490.
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Qin
Qin is a fairly wealthy nation - on the scale of Croatia - but boasts a very large and formidable (and expensive) army. Qin's 850-regiment army is over double its forcelimit, and possesses skilled leadership. Defensible terrain makes Qin a tough nut to crack when it is defended, although sometimes it is not. Qin's player has a tendency to send almost his entire army to fight in distant wars - currently, for example, less than 150 regiments are east of Punjab - but has so far managed to avoid his neighbors taking advantage.
Bengal
Bengal fields a tiny military - barely forty regiments - and a similar-sized fleet. Much of the fleet is outdated - Bengal is the only nation in the world to still field a caravel-and-barque navy - but the nation is actually reasonably wealthy for its size and the army is up to date. The national ideas also slant towards land, though it does not have all the land ideas.
Khmer
Khmer is somewhat larger than Bengal and fields a larger army (120 regiments), but in other respects is much the same. Bengal's provinces are wealthier, but overall wealth is much the same, and like Bengal, Khmer has some of the land military ideas, but not all. A minor player compared to the behemoth Qin army next door.
Malaya
In control of much of Japan, Malaya has not let its naval focus distract it from fielding a large army. With the highest naval forcelimit in the world, over 1000, and a growing army currently at 400 regiments, as well as high trade income, Malaya is a formidable power in Southeast Asia. It possesses the world's best naval tradition and has built up a decent land tradition as well despite Thalassocracy's penalty to such.