1. Austria is red again, not white. When will you learn Austria is supposed to be white! (just kidding

)
2. AI's lack of strategic thinking and planning ahead. You already promised strategic reserve concept to be thaught to AI in 1.4, I hope you will put lots of developer hours into making it better on this level. It breaks the game long-term if AI makes silly mistakes like not guarding Hawaii with fleets 24/7.
Also AI's lack of goals in research. It's not uncommon for AI to research doctrines many years ahead but neglect researching unit upgrades at the same time. For example US in 1940 starts researching 1942 Blitzkrieg and Schwehrpunkt while their tank tech isn't researched yet even at 1918 level.
AI should have a goal "research tanks" and a checklist of things to do to achieve it (research theory, research tanks themselves, upgrade doctrines). If AI researches infantry tech years ahead along with tank doctrines instead of infantry doctrines there's something seriously wrong with it. AI is also very wasteful with research points allowing player who specializes in few selected areas to vastly outpace them.
3. Unlike in other Paradox titles, smaller nations can't rise to major power status due to Leadership from conquered territory constraints. There's little point playing a minor knowing even if you succeed in conquest, you still will be backward and won't ever get to research best toys. I've built empires as tiniest and most obscure countries on the map in most other Paradox games, I miss the feature here. I know why the call was made to make it work the way it works now, I still am unhappy about it. It costs a lot of replay value of this game.
4. Units. Support brigades need to be made stronger. Currently there's no point for the player to invest and build any of them except maybe Artillery which allows to save on manpower a bit. Most of my games I don't research and build even a single one AA, AT or TD. I hardly ever build AC, and I usually disband starting ENGs as Japan. Many people don't even build Art and AC playing INF+ARM/MOT armies. Giving all those support brigades magic powers to make an army they are attached to much stronger than an army without them would make the game much more interesting.
Also, various units are not benefitting from doctrines, CAG most notably not having Org and Mor upgrades is painful, but same goes for CVL and SH BB as well, see #183# on bug forum for details.
Finally, I don't like how AA works now not attacking all enemy airplanes passing a province or just patrolling over it, only the ones that attack AA's unit.
HQs need some work as well, they shouldn't be able to take territory, currently you can win Spanish Civil War by simply creating tons and tons of empty HQs and using them for massive land grab.
MPs should be fixed to work in annexed territory.
5. Politics and intelligence. Intelligence I use only internally to raise unity, lower neutrality or for counter espionage. Sending spies abroad is a huge waste of leadership since info you get is scarce and useless and damage you can do neglegible so most people don't bother doing it unless they need threat or for an event to launch.
Politics is too simplified, changing laws is easy, fast and painless allowing you to make UK half-totalitarian on May 2nd 1939 with a blink of an eye. There's no way to put Churchill in power. A lot of political events and decisions are missing from the game (I especially miss Mengkukuo creation event). There's little way to influence election results and the ongoing war doesn't have much impact on politicians' popularity even if it's being mismanaged badly.