"open borders"

For the trade routes, relationship bonus, exploration (in the early game) and spread of religion (both ways), I always keep OB agreements with everyone I'm not at war with if I can. As was pointed out above, the AI no longer plops settlers in your back yard, and it was never very bright of them when they did -- I could usually count on those cities becoming mine over time through cultural flips.

One really important benefit of OB is spread of religion. I want as many religions as possible in as many of my cities as possible, ideally one of every religion on the continent in every one of my cities. This gives me maximum diplomatic flexibility as far as choosing a SR, and maximum happiness and culture benefits on going FR later.

In short, OB is great, and I personally don't see any down side at all.
 
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