I play 1.1 RTW.exe, never tried BI or Alex, cause I don't have them. The advantage of using BI seems to be that you have more naval invasions, which is mostly irrelavant for my favorite factions.
I find M/M is better suited for roleplaying and expanding slowly than VH/M, because the AI factions don't steamroll each other and diplomacy is working a bit more reasonable. The only disadvantage on M/M is that stronger AI factions tend to make lots of protectorates, which can lead to odd situations in the later game.
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