Just as with any other grand strategy Paradox game, yes it is very enjoyable. You can't really compare it to TotalWar and the like. In EU, you manage a whole nation, do research, wage warfare, build up trade routes and the economy, colonise foreign lands in America, Africa and Asia, dabble with politics and diplomacy etc etc. You can play as almost any country in the world.

I find EUIV the easiest to get into amongst their other grand strategy games, CK2 included. You might wanna check this out before playing or something:
http://www.youtube.com/watch?v=QGH-Sc1EfdI