I used to go for a population rush with the English, because of the 48 colony limit, and there would normally be enough land to stay out of trouble from the other Europeans long enough to build up a bit, which would be the penalty for such expansionism.
The French AI worked in a similar way, but with such a scattergun approach, having lots of little colonies all over the place is not as efficient as lots of little colonies all grouped together. Playing as them, I thought that native interaction was underpowered to do to much with it. All I really got was a bit more peace to build some colonies. I wonder how they'll balance it now.
Also the Dutch are good, for their starting ship and steady prices. Eventually the market swamps, but you hold an edge for long enough. However, is it me or do the Dutch withdraw from the New World about 3/4 of the time when you don't play as them?
The Spanish can still play a normal game - yes you get your dragoons, and pinch all the gold from the Aztecs and Incas, but then you use the veteran dragoons on the other Europeans while using all that money to boost the colonies. Of course, this is a bit dependent on how many cities the advanced Indians have!