Historically accurate, but basically Civilization IV with a more annoying interface.
The multiplayer skirmishes are annoying since the massive troops are hard to deploy and control and so are the ships in naval battles.
In the Grand Campaign, you enter and half of the countries utterly hate you and are allied against you. If you enter as France, you have the storming of the Bastille within 2 turns. Once you repel the rebellion, several different countries declare war on you.
In games like Civilization IV, you begin in the era you wish and you are able to determine your own relations with other nations as well as you are able to see what type of leader you are dealing with. (Industrial, Expansive, Aggressive, etc.)
I may be spoiled after playing better games, but I believe that Empire Total War is very overrated.