After a week of play, I am beginning to notice that this much funner than I thought it'd be! I'll give my reasons why (partly in the hope to convince other hesitant players to give it a try).
1. Less work than it looked like. Due to time constraints, I thought I couldn't play. I suppose Paradox deserves a hand here for making EU easy to edit, and Boehm ends up doing most of that anyways

Max commitment has been less than an hour a week, although I have been attempting some diplomacy beyond the requirements, which is always an option.
Anyways, basic point - EU editability proves a great bonus.
2. More control than I thought I'd have. Since we can edit the savegame under certain rules (ceding provinces, raising relations, etc), there is a lot of room for diplomatic wrangling. Trying to shape Venice is really turning into something that Venice might actually have struggled with - danger of continental powers (Austria, Ottomans) laying low my land army! Also, the temptation to call on France to "liberate Italy" can prove a danger (as Machiavelli teaches), because once they are in, I am not powerful enough to get them out. See diplomacy thread for the attempts of Castille, Austria, Venice, and France on this issue.
Also the editing of an AI file, or the events file, can prove to be a large issue over 400 years.
Basic point - EU editability proves a great bonus once again. The ability to play over a 100 countries is also a nice EU feature.
3. Playing with other players, especially since the diplomatic (i.e. personal) part really takes on a larger role. You can tell one someone is getting frustrated, or seems to be coveting something, or who is aggressive, and who is passive. Getting to know your opponents is definitely part of the fun.
Anyways, thanks Boehm for hooking this up. I advise other people to give it a try, or possibly some ambitious person to organize their own and let Boehm have a go at it.
What would really be interesting is if we had a player for every European state.
