I agree with Loki here entirely, I had more or less the same experiences with V2, the game isn't bad, but it's more or less a "generic simulator", so you you got the "plausible" model, that Loki mentions that makes "everything possible", but it lacks the depths and immersion feeling of playing a much more realistic simulator as Pride of Nations. From the game's wonderfull design to the great and immersive soundtrack, Pride of Nations makes you have a really immersive experience throughout the 19th century until the start of the 20th century, that no other game could match. While there are still many "what ifs" in Pride of Nations, they mostly stay within what "could have happened", what was realistically possible, it's much more appealing to those who want to feel the different situations that each one of the Great Powers of the Era faced, and not what I call "a generic 19th century experience", where everything is possible, like in V2.
To have the historical constraints of playing each power, you feel that you're really experiencing history rather than just playing a strategy game where "everything is possible to everyone", so if you play Russia, for instance, you have the world's largest army(and by the way one of the best soundtracks, second only to Germany in my humble opinion), but you have a backward country that needs to face with rebellions in your large but somehow not so "solid" empire, and it's a challenge to modernize the country to be able to properly supply it's large army. And then you have Germany, where you have a great potential, highly industrialized, very efficient army, high levels of literacy in the population, living a scientific golden age, but surrounded by many enemies, so you have to play your diplomacy carefully to not get overwhelmed by your enemies that surrounds you. So und so, it's a really great game and you won't regret a bit, having bought it.
I would, as always, advice you to buy the 1880 scenario if you would like to prepare yourself for a "great conflict", and in the 1880 scenario you're just ready for the new colonization race, and Europe is already set, so you'll find all the states there, like Italy and Germany, because in the 1850 scenario, "sometimes" the AI doesn't unify the countries so you end up not seeing Germany or Italy there, and it's frustrating for some (like me), besides there are some additions to the game in the 1880 scenario, I think there are some new models and so. In any case I'll be here to provide you with any help you might need, "just call my name and I'll be there..."

Cheers.