Yeah, I run mainly at speed 4 in EU4 and mainly slow down for critical battles. Pausing is great for planning things out as blitz said. Two different genres and two different animals, but your criticisms are kinda bizarre given that EU4 and other PD games are designed purposefully as they are. It's fine not to simply like the game, but really it comes down to a matter of perspective. As for "balanced factions"..ha..I don't know what to say. In a way you are correct that the game is a simulator. In the time period, each faction represent a nation during that time. Some are very strong like France, Ming and the Ottomans, while many are very weak. You can try to play the game out with historical role-playing in mind, or try to change history..it is up to you. One of the most rewarding experiences in the game is taking weaker nations and making them powers. I don't know, maybe your coming from a perspective of MP, and EU does have a vibrant MP experience/community, although I don't do MP myself. Players can choose the powers - England, France, Ottos, Austria, whatever, or go with similar smaller nations..there's enough balance there and you make it what you wish. It's a great game for history buffs too, and you can learn a lot during the game. I often look stuff as well when I play to get more info about an event, nation or person.
EUIV is a blast and offers unlimited play
Sandbox? So there isn't an emphasis on winning the game?
Generally a sandbox game does not have a defined victory or goal. You make your own goals. It's not a like an adventure/action game where you play to the final boss fight, or Civ IV where you achieve one of the various victory conditions (although in a way I think Civ has some sandbox elements.) With a sandbox game you are given a world or environment and you make of it what you wish given the tools at your disposal.
In Paradox Grand Strategy games like EUIV, you are basically given our world as it existed in 1444AD. You can play pretty much any nation or group that existed at that time in a proximate simulation of their status and holdings at that time. Play Castille, get Iberian Wedding with Aragon, form Spain, and become the biggest colonizer in the world or Holy Roman Emperor. Play the Ottomans, secure your rightful land, conquer Europe or conquer the World. World Conquest is very challenging in this game even as a top power like the Ottomans, but it is amazing to see great players conquer the world as very small nations. Play Austria, unite the Holy Roman Empire by passing reforms over time while enforcing religious unity, and then be an unstoppable force. Play the Teutonic Order, convert to Protestantism during the Reformation, and eventually form Prussia, utilizing the most disciplined army in the world at the time, destroy the HRE, form Germany. Play a Japanese Daimyo (vassal), take over the Shogunate, form Japan, convert to Christianity, conquer the Ming death blob. Play Cuzco (Incan nation), conquer all the Incans, colonize South America, reform your religion, spread Institutions to advanced technology, beat back the Euro colonizers and dominate South America. Play Venice and establish the #1 trade empire in the world, pulling in loads of income to buy mercenaries to destroy the Ottoman Empire. Play the Aztecs, unite Central America, reform religion, advance technology, invade Europe. It goes on and on.
Anyway, the achievements in EUIV - and there are loads of them, are setup to define logical goals for a game. I generally play for achievements. Some nations have several achievements tied to them like England, Castille, Muscovy, Ottos, France, Austria, Poland, etc.