While I think the patches make the game better, I also tend to agree with MJames. I think he strikes at the root of EU's weakness, and the bane of us all; the AI.
I appreciate the increasing difficulty, it had refreshed a game and made a challenge where before there was none, but the unfortunate side affect of this has been the crutch of all AIs; unbalance the game to make it harder.
Why didn't Genoa take over the world? Well in EU terms it still could, though slowed by internal revolts, in the real world it would have been the impossibility to conquer large tracts of Europe in the face of competent opposition, and the inability to wage decisive wars every time.
Secondly, the other engine weakness for me is pre-determination. Austro-Hungarian union is the most extreme example of a farcical event. Death at Mohacs is predetermined, even if Mohacs never occurs. I know that events are fun and add flavour to the game, but really; they make a mockery sometimes of the player. For example, as France one can eradicate Protestantism through missionaries; it's expensive, time consuming and distracts from anything else during the period if one wants an homogenous religion during the 16th century. The reward? 5 French wars of religion regardless. It cheapens the effort, and dispells the feeling that one is affecting the game.
I would like to clarify that these are quibbles which do not have a solution under the current engine. The game is still tremendous fun, and the best value for money I have had with a game. I think Paradox and Johan especially deserve many thanks.
Time to wrap up EUII and move on to EU3 soon I hope.