i quite like the new system. i just think it should be a bit harder to be up to date. Granted, i wasn't spending all that much ADM points, and i was blessed with fairly good rulers. but in my Korea game i've embraced every institution within 10 years of them appearing with the exception of renaissance which was embraced by 1475 (so 25 years).
This allowed my korea to be a "great power" (fluctuating from position 6 to 8) without any major conquest by 1515.
i can see a huuuuuuuge difficulty for people without common sense though. Because seeding a group of provinces that happen to neighbour as many provinces as possible is how i get it to spread so quickly. since it goes like wildfire through all the 35+ dev provinces you create up until printing press, which is the last one you really need to spend dev on spawning.
Colonialism sometimes spawns without needing to spend dev, as long as you get lucky. i didn't, but it didn't slow me down.