Well, I'm used to playing as Sunni nations (often deliberately switching), so idiot Spanish holy wars will feel right at home ^_^.
Protectorates seem like total junk; you'd only want them for EZ trade power, or if they're counting towards WC. If they *do* count towards WC, it's probably easier right now than it has ever been before, because you can essentially protectorate over 1/3 of the world regardless of how many/few nations are there, soak up trade cash, then go on a merc-led killing spree in the few areas of the world with anything offering significant resistance.
For example if you pick up expansion ---> protectorate literally all of Asia other than Muscovy and all of Africa, it's literally just a war vs world powers (Europe and Ottomans) to win outright. No coring or annexing time in SEA, India, or potentially even much of Africa/New World at all depending on who you use. Maybe that's what they were going for, no idea. It does make it a little silly westernizing in Asia, but w/e.
IMO after earlygame using ADM to annex isn't that big of a deal, especially claims + ADM ideas (which gives a nice FL boost anyway, and meshes well with protectorate trade power boosting for mercs, which are also good due to the avoidance of WE from direct combat with them).
Colonies on the other hand I find very questionable because of how they can act. IMO a lot of players aren't going to bother with them in their current form at all, unless to move capitol as OPM to make their nation stronger...though somehow protectorates don't give FBR while independent nations might? What's up with that...