Yes, you are right. The naval challenge as Germany is great fun! You really need to take good care of your few capital ships and use naval bombers and subs to their maximum effect...
However, the micromanagement nightmare called Eastern front really put me off playing them most of the time... :wacko:
IMO its easier to play Germany than UK or US - you dont have to jump all over the world, here all is at 1 place. Other thing is that you can leave the whole East Front to the AI if you dont like it. I also dont like to play as winners. Its more challenging for me to play those who lost. US is not playable for me... to easy.