I think RNW's feel smaller in part because you tend to get several disconnected continents; with the Americas everything is connected and you can really only access it from the east. The effect is that in RNW everything becomes accessible much faster, and is mostly coastline, without any deep interior; while the number of provinces might be the same, it will feel like it's smaller because it takes less time to cover up a colonial region. Another factor is that Colonial Nations more often get disconnected, i.e. each sits on its own little island subcontinent; this leads to fewer colonial wars and less action, again making it feel smaller and less interesting.
I tend to play RNW when playing as a colonizer (not always, but have done it the last few times) to shake things up. My latest game had a huge continent midway between Europe and Asia (so slightly west of where North America is), with all trade links going east for a change. This was a nice variation on the usual business, because suddenly the major New World landmass becomes much less valuable for European colonizers and everywhere else becomes more hotly contested. I was semi-hoping for some enterprising Asian AI going for colonies, but alas none of them did by the time I got around to colonizing there.
I tend to play RNW when playing as a colonizer (not always, but have done it the last few times) to shake things up. My latest game had a huge continent midway between Europe and Asia (so slightly west of where North America is), with all trade links going east for a change. This was a nice variation on the usual business, because suddenly the major New World landmass becomes much less valuable for European colonizers and everywhere else becomes more hotly contested. I was semi-hoping for some enterprising Asian AI going for colonies, but alas none of them did by the time I got around to colonizing there.
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