During the holidays is was able to "finish" my Germany campaign (veteran difficulty), here is my feedback:
- Germany is able to snow ball really fast (764 factories in autumn 1941, which is almost double the amount of the USA).
- I had no resource issues at all (self sufficient supply of oil and rubber before 1940).
- I would have been able to invade the british isles before attacking the soviets, because the brits were producing basicly nothing (no convoys and their fleet was sunk in the Mediterranean by the Italian navy and my naval bombers).
- The AI did not even try to hunt down my u-boats in the Atlantic (did not even lose a single u-boat^^). It seems the AI does completely ignore the four regions in the middle of the Atlantic for the whole game.
- The Allies did not attempt a single naval invasion (my Atlantic garrison was useless).
- The fleet of the USA seems to be completely passive (i haven't seen a single US ship in Europe)
- The soviets did put up a good fight, but i did not expected them to capitulate so early. The front line was going from archangelsk to Rostov (i was not even near Stalingrad or the Ural mountains).
- After the soviet capitulation in august 1942, i was hoping to continue the game, but it is basicly won. The common wealth is crippled beyond hope and the USA is not even remotely a challenge (only 477 factories, 129 divisions and less ships than japan).
- Same is true for japan, which becomes unbeatable when played by the player after the capitulation of china.
- Playing on elite difficulty would not have made a huge difference in my opinion.

In short:
The axis and especially japan are to strong in my opinion.
Even the Italian AI was doing fine in Greece and Africa with almost no help from my side.

My suggestions:
Germany needs a hard debuff after the soviet capitulation (like japan after defeating china), also the war damage in the soviet union should be devastating (destroyed factories, resources which can only be restored by costly decisions for example).
The economic foci of Germany needs be looked at, some of them are to strong and mandatory in my opinion. Which makes a lot of other foci useless, because the benefit of doing them, is to small in comparison (eg. bomber and naval bomber foci).
The allies (when played by the AI) and the AI in general needs some good buffs which leads to them having more factories, ships and divisions.

Some of my points may sound like nitpicking, but i hope it helps to further improve the already great mod. All i was hoping for, is more challenge.

I also found some bugs, which i will writeup later.