Victoria II takes everything bad about the first game and makes it good. Much more user-friendly, potential PI's best.
Just like in any other Paradox game, you can play as any country you want.. a world power like the UK or Austria, or a weak country like Algeria. It's up to you, and the goals are yours. Do you want to be Sweden and embark on the dream of the Kingdom of Scandinavia? Do you want to influence the world through the arts? How about through industrialization? How will you forge Germany, through force of arms or through influence of your brothers?
Victoria II is the most deep (as it's a political/economical sim before military) in a lot of ways. The military part is there and it's well-made, but you have to be careful. It's the 19th century, and nations are wary of warmongers now. If you get too much of a bad reputation, you might see yourself getting teamed up on by larger powers.
All-in-all, it's very enjoyable and is challenging Europa Universalis III for best Paradox title out there.. still has some work to do, though.