I’ll answer as many questions or validate as many points as I can about this game, as I have played it since its release and been involved in some of its modding.
Basically and simply: the game is like “Axis & Allies on steroids”, with a full economic system, more unit types, research and options. If you think along those lines, you won’t be disappointed, period. It’s a fun game which was primarily designed for multiplayer with students in mind.
The historical aspects of the game are that nations and political situations are condensed and streamlined for ease of play by students. This is what the game was designed for.
There is a demo available for the gold version:
http://www.making-history.com/downloads/
So try before you buy.
There is an editor which is user-friendly that comes with the game which copies an existing scenario as a template, upon which a player can then modify it or create an entirely new scenario from scratch.
New nations, units, research can be created and all existing ones altered.
The game uses xml which can be edited by anyone with a rudimentary knowledge of xml scripting, and to answer a question, anyone with a good knowledge of xml can script historic events in their entirety should they wish to.
The coding framework is open and easy enough for anyone to try modding and with anyone who is a fairly reasonable coder, anything should be possible.
I’ve done quite a bit of modding for this game and I’m not even a coder. If someone who has coded mods for Hearts Of Iron with good skill got their hands on this game, results could be awesome.
To check out unit types, research and parameters, you can find files here:
Modern Europe\system\ScenarioDefaults\sharedDataUnitTemplates.xml
Modern Europe\system\ScenarioDefaults\sharedDataResearch.xml
The support forums for modding already have extensive input from the developers, and often, the developers personally respond to posts. Many of the scripting frameworks for events and AI are covered.
The input and support directly from the game’s developers has to be some of the best I’ve seen anywhere on the net, present company accepted.
Sudetenland/Munich Crisis, Anschluss, Spanish civil war events are all covered in various scenarios, and as I mentioned, any half-decent scripter can add more.
Edit:
there are variants so that each game does not play the same, twice e.g.:
USSR
1 ‘Historic’
2 ‘Historic’ Variant
3 ‘Turkey-Persia-Manchuria’ Variant
Stalin desires Soviet expansion in the south and the east and will risk war to gain territory in the far and middle east.
4 ‘Scandinavian-Balkan’ Variant
Stalin desires northern and western expansion and orders the conquest of most of Scandinavia and the Balkans.
5 ‘Polish-Scandinavia-Balkan’ Variant
Stalin wants to settle old accounts with the Poles and also to expand the Soviet Empire westward into the Balkans, and north into Scandinavia.
GERMANY
1 ‘Historic’
2 ‘No Barbarossa’ Variant
Hitler is content with his ‘living space in the east’ to simply remain Poland and has no desire for a total war against the USSR.
3 ‘Small Steps’ Variant
Hitler will desire Poland and also expand Germany with smaller ‘buffer states’.
4 ‘France First’ Variant
Hitler goes for an early conquest of the Low Countries.
5 ‘Balkan Lebensraum’ Variant
Hitler gambles that an early conquest of the Balkans will gain him precious resources before taking on west and provide him with more ‘living space’. He also has no desire for a war with the USSR.
6 ‘Danzig-Denmark’ Variant