Fundamental mechanics are deeply flawed.
The main problem with this game is that the royal forces are designed to increase in number based on the size and success of your colonies. So, if you develop a large, productive colony, then the force you face during revolution is overwhelming. You quickly learn that the only way to win is with a small (2 city) colony that is relatively weak. This makes the game so much less fun. Also, conquering natives is almost completely worthless, since they give little treasure, and they will abandon their cities surrounding your colonies, if they are influential enough. There are some resources, namely silver and furs, that are almost never accessible. Others, namely bananas and deer, aren't worth it, since cutting down the forest and building a farm is just as good. There is not much interaction with the other colonies, and warships and privateers are pretty useless.
Luckily, the community has come up with some good mods that do the designers work for them.