alright, here are the options before us (I could create a poll, but I personally think that they're useless in most cases)
1. leave the gameplay as-is, with colonial powers taking boats and boats bombarding colonies
2. leave the trading companies but eliminating/reducing the Europe bonus (mibi's suggestion)
3. lose the trading companies altogether and making this classic gameplay (edbeard's choice)
4. doing something else (see below)
What I personally think of each:
1. I think that the current configuration is the best we've come up with so far, but I'm not without concerns. I fear that either the trading companies will be ignored entirely, or that those regions that are free of any trading co. bombardment (Japan, Middle East, China) will become the most valuable on the board as nothing in Africa can be held.
2. Eliminating the Europe bonus entirely may have the unintended consequence of taking Europe out of play in most games - it's already a difficult hold, but if there's nothing to gain from holding it other than the chance to waste armies hitting a neutral and then waste more armies on bombardments that net no new territories, I would ignore that area entirely.
3. Losing the Trading Co's would certainly make the map simpler, but it would also make Europe relatively weak - the strongest regions historically becomes the weakest region practically.
4. I have a something else to throw at you all: what if we gave a bonus for keeping an "Empire" together: hold Great Britain and all colony flags for a +6 (for example), hold Germany and all German colonies for a +4, etc. This would simplify gameplay by making it 'classic' but would still give some due additional value to the European territories. It would encourage players drop armies to hold their European powers even if they weren't going after Europe, and from a historical perspective it would be appropriate to have a big military build-up in Europe in the years following 1910. Think about it, European powers bulk up at home while they try to hold their colonies overseas, leading to a great war... sounds familiar.