I'm not sure how to compare AHD, because I haven't played vanilla Vicky 2 in a while, and when I did the economic/political situation was hopelessly broken and spent most of its time collapsing on itself in a horrible mess.
I'm up to 1900 as Argentina, spent the first little while using my big military caste to hoover up Uruguay and Paraguay and southern Bolivia, then fostered upper-class liberalism as much as possible to make a clean transition to a borderline democracy, then rushed through a whole horde of political reforms with some really lucky timing. My liberals were a bit liberal for their own good, extending voting rights to my conservative lower classes who then booted them back out, but not before the political freedom started sending hordes and hordes of new immigrants to my shores. With enough money to set low taxes on the rich and low tariffs, the capitalists then started absolutely going to town with new factory and rail investment which barely even needed my investment to help them along, and the new literate immigrants started filling them en masse and filling my coffers very very full. They took me to 7th most industrialised and with the 6th highest prestige from my little military adventures, I'm now ranking #6 and starting to drag my neighbours into my sphere while my literacy and tech levels skyrocket. I'm trying to get more of my people to turn red and enact some social reforms, but there's still a big agricultural population in my still-profitable RGOs and they're resolutely tory so it might take a while. Anyway I don't see myself becoming #1 before the end (I'm not colonising and I'm not doing as much military expansion as I could), but it's been fun!
AHD clearly still has a few oddities (the collapse of the middle class of any country that can't get tea, the wholesale loss of clergy, and some oddities with population growth and migration) but the whole system feels so much more solid. Some countries have collapsed in bankruptcy (including Greece) and there have been painful downturns in certain industries at times, but pretty much as you'd expect, and the world economy has seemed to keep on trucking well enough. Artisans actually seem profitable at the start now, rather than just a useless source of rebellion. Rebellions seem to be more of an occasional big uprising threat rather than a constant nuisance, which is very cool. And capitalists seem to act sensibly now - I was laissez faire for a while and it was actually very powerful.
The requirement for a casus belli for declaring war works really nicely, I think. If you don't have a CB, you have to spend a while manufacturing justification for one, which takes time and opens you up to being found out and getting a pretty big infamy hit, while giving them warning time to mobilise the troops and drag in some allies.
The political movements seem cool too, though I'm still not 100% clear on how they function. They seem to increase the chance to get reform through conservatives but with the chance to turn into rebels if they're ignored for long enough. In any case, it seems more nuanced than rebel threat or nothing.
Anyway I would classify it as "actually very playable" now, though it could clearly still do with a relatively minor balancing patch or two.
EDIT: Also the new loading splashscreens include undoubtedly the very worst painting of Abraham Lincoln ever made, it is truly astonishing.