It is a fairly easy way to get Americas quick.
My way was to get to the northern tip of America via Greenland, vassalise Shawnee and integrate them. That gives you easy access to both Carib and Chesa.
I had most of Chesa covered by time Spain disovered Carribean (around 1510 or so), and I was SLOW because a) my first idea set I took was innovative b) My best diplo ruler was 2 (out of about five), and lasted a whole 20 years or so only (which is the reason why I took innovative as first, since I had a string of 6-5 adm rulers. Love those 6-0-5 rulers... when you want to colonize!). As you can guess, I wasn't a republic

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This is a very powerful strategy for republics, as they can get MPs where they want when they want.
I'm sure it will get nerfed, but right now don't know how exactly.