Hi there... been following this thread for a while and just wanted to add a few notes....
(Yes... I'm Portuguese, and no, I'm not anti-US....)
1 - Columbus was not portuguese, he was italian, born in Genoa.
2 - Magellan, however, was Portuguese... his expedition was financed by the Castillian Crown, true, and although he didn't survive the voyage, he empirically proved that the world was round....
3 - I say Castillian, not Spanish, 'cause spain didn't exist at that time....
4 - Regarding the discovery of the american continent, there is some evidence that MAYBE it wasn't columbus, but some Portuguese explorers, who discovered Labrador (named after one of them....) and Greenland.
5 - The Portuguese didn't live with the fear of being absorbed by the "Spanish"... we had our wars with our neighbours and won some and lost some, we also had our times of peace...
6 - At the apex of both empires, Portugal and "Spain" were the two most powerful empires, and the non-cristian world was divided amongst the two.
7 - Portugal wasn't part of "Spain" for most of it's history... it proclaimed it's independence from Leon (now a part of Spain) in 1143, and only lost that independence for 80-or-so years during which it was a separate country from Spain, but ruled by the same king.
Empires rise and fall... Babylon, Persia, Egypt, Greece, Celts, Mongolia, China, Japan, Rome, Byzantium, Portugal, Spain, France, England, Russia... all had their golden eras of power...
and if Babylon, Persia and Egypt represent ancient times, Rome and Greece classical times... Byzantium was a great empire of the Middle-Ages... England ruled in industrial times (late 18th century, 19th century), France had it's apex with Napoleon, Imperial Russia as well, and it endured during a good part of 20th century... the US are very powerful now... and Portugal and Spain are the most important empires from late 15th to mid/late 17th century...
What is the historical "value" of Portugal? Exploring about half the world, major scientific contributions (mostly in navigation technologies and techniques, military stuff... but in other areas as well... we do have a Nobel in medicine....) and culture (recently a Nobel in literature, several important poets, architecture, one of the worlds oldest Universities, etc....) and parts of that culture and language have spread all over the world....
We may have declined from our apex.... but that also happened to many other nations and empires... we may me a small country by the sea-side, but are more important that some of you have sugested...