Looks pretty good so far, after about 4-5 hours of play. Obviously, a lot of the routine dialog needs updating to reflect the WII situation, rather than middle ages feudalism, and I've got 2 points in particular that I feel need to be addressed, plus a bug or two.
First, the country colors are way too dark, particularly one country's deep blue color, which is basically unreadable on most backgrounds. I had the same issue with a few other mods in the past that did the same thing, such as the "Sword of Damocles" mod for original M&B. Lighter blues, lighter greens, medium browns, grays, and oranges would be preferable on the mostly dark map (and still show up on snow), and I'd definitely prefer if the Soviets and Germans don't both use various shades of red (which they and at least one other country now share).
Second, there are no "starter" weapons available for a new party, and all companions begin with their initial skills in "short ranged" weapons (pistols) at 0, making them utterly useless with the weapons typically found in loot. With basic rifles starting at prices of 4000+, you end up with a party consisting of raw national recruits with rifles but companions armed only with melee weapons, at least for the first couple of months until you can afford to arm them. It could use a few relatively inexpensive single-shot "hunting rifles" using designs dating from the late 1800s, with only moderate damage but single shot with semi-long load times. That makes them "useable", but not "good". I also note that accuracy is 100 for ALL rifles, and sub-machineguns are all in the high 80s, rather than having non-sniper rifles a shade lower (90-95) than sniper rifles (100), and various sub-machineguns and machine pistols falling into different tradeoffs between lower accuracy and faster reload speeds and/or larger magazines. If a SMG has the same accuracy as a rifle, and if the damage is even remotely comparable, why would I ever want to use a rifle with a small magazine size? This needs some work for balance, such as (just a rough guess at the numbers):
Sniper rifles - 100 accuracy
Rifles (non-sniper) - 95
Bolt-action rifles - 90
Assault rifles - 85
SMGs -80
Pistols/Machine pistols - 75
A few additional points to address in the future:
The costs of hats and the costs of helmets are identical in this mod, so there's no point in buying a hat if a helmet is available. If you're power-gaming the mod, you'll end up in medieval armor with WWII vintage weapons, which looks absurd. There's also no basic clothing, so scavenging "armor" from bandits and looters is your only source of "uniforms" until you're rolling in cash, and the rags and smelly fur offer much better protection than the uniforms anyway. Again, this needs something to balance it, because it doesn't make sense in the context of the game. Basic uniforms should be cheap, most forms of armor should be expensive, and looters should be wearing old clothing from the early 20th century or slightly before, not medieval armor.
Also, some of the small factions have only one town (which is understandable for comparative size with the majors), but only one village attached to that town. In my game, my chosen faction's only village was looted a couple of days into the game, before I was able to reach it, so I was unable to recruit any soldiers of my faction until after the effects of looting had worn off. Frustrating, to say the least.
Hopefully, this outsider's opinion will be helpful, rather than sounding like I'm mad at the mod team and ungrateful for the amount of work that's obviously been put into this project so far. I'm looking forward to seeing the next update, because I definitely like what's already been done, it's just that it's not "there" yet.