On unit roster alone, I'd say Portugal. Good infantry later on (dismounted conquistadores, dismounted portuguese knights, aventuros) with some of the best gunpowder units (musketeers, portueguese arquebusiers) and decent heavy cav with conquistadores and portuguese knights.
Also I must confess, I hated jinettes in MTW. I hated fighting them, and I didn't play Spain because I didn't like their unit roster. That said, in MT2W I have become a Jinettes believer. They have so far murdered about every infantry unit Spain has sent at me. I would say without a doubt one of the all around best units in the game.
For starting position, probably England (very secure).
The German in me wishes I could say the HRE, but alas.
Quick question - why no Swiss Pikeman in the HRE Unit roster any more? I understand they're mercenaries now, but that rubs me the wrong way. Spain/Portugal get recruitable specialized pikemen, but HRE doesn't?
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