This topic is, of course, in the eye of the beholder, but I thought it might be useful to share a list of the nations that make for the best player experience. Especially useful for those new to the core D&D setting of the Forgotten Realms.

There are still a few nations that are experimental, or nations that are simply underpowered compared to their neighbors by design. These will be fleshed out further as we approach a 1.00 release. In the meantime, here is a sorted list of my favorite nations followed by a list of the ones I might avoid:

Top Notch, challenging and very fun:
Nantarn Alliance (Sea Elves, Merfolk, etc)
Tel'Quessir (High and Wood Elves)
The Dalelands (Goodly Humans and Half Elves)
Scoured Legion (Demons and Demonspawn)
Waterdeep (Good-guy Cosmopolitan, Urban, Coastal)
Zhentarim (Big Bad Mercenary Company)
Thay (Big Bad Wizards and Undead)
Kingdom of Corwell (Feudal Humans and Druids)
Cormyr (Good-guy Human Feudal Society)
Menzoberranzan (Familiar Drow of Lolth)

Very good, just haven't done a very long playtest in a while:
The Spine of the World (Orcs and other Monsters of the North)
Aglarond (Good-guy Humans and Half-Elves)
Silver Marches (Humans, Elves, and Dwarves)
Amn (Dark Cosmopolitan, Urban, Coastal)
Baldur's Gate (Good-guy Cosmopolitan, Urban, Coastal)
Calimshan (Oligarchic, vaguely Ottoman-themed, coastal merchants)
Sloopdilmonpolop (Mostly Underwater Nation of Kuo-Toa and Krakens)
Symphony of Madness (Aboleths and Beholders)
Llurth Dreir (Ooze-worshipping Drow)
Maerimydra (Undead-worshipping Drow)
Deep Shanatar (Dwarves beneath Tethyr)
Mulhorand (Egyptian Gods long-trapped on Faerun)


Enjoyable but either limited or probably too OP in player hands:
Aleaxtis (Mostly Underwater Nation of Sahuagin, Morkoth, etc - Fun but OP)
Narfell (Demons and primitive humans - Fun but OP)
Cult of the Dragon (Dragons and their Worshippers)
Serpentes (Yuan-Ti - Fun but OP)
Old Bhaerynden (Southern Gold Dwarves)
Gracklstugh (Duergar)
The Underspires (Duergar)
Cairnheim (Mostly Giants - Fun but OP)
Chessenta (Good-guys unknowingly led by an ancient Dragon)
The Savage Frontier (Monsters of the Heartlands - Fun but OP)


Fully Playable but lacking in some way:
Oryndoll (Mindflayers, can get lonely down there)
Luiren (Halflings of the Far South, limited roster but safe start for casual or noob games)
Impiltur (Righteous Humans, really tough neighbors, not a deep roster)
Unther (Sumerian slavers, really needs those slaves atm, limited roster)
Halruaa (Good-Guy Human Wizards, limited roster but quite powerful)
The Shaar (Monsters of the Southern Plains, tough to sustain but a unique roster)
Mezro (Jungle-themed Humans - lots of fun but not competitive for victory points)

Still Very Experimental:
Auramycos (Myconids)