In the Old Gods start, I am currently playing as the petty Prince Mayor of Mumu, in Ireland. My neighbors are a very powerful tribal chief, the recently converted Petty King of Jorvik, the converted King of Norway(occupying Mercia) , Hwicce, and Scotland.
I've got trade posts set up all along the eastern coast of Wales and Cornwall, as well as the tribal holdings of Ireland.. I've got piles of gold to throw around, though not as much as I'd like, but obviously no military(I'm pretty much relying entirely on mercenaries).
On the mainland, a German Karling AI has recently created the HRE, and it looks like the anglosaxon King of Asturias is, naturally, fighting a losing battle with Andalusia.
That's the situation I'm in.. I'm wanting to create the Republic of Ireland, but that chief has a pretty big event army, which would rival any mercenaries I could throw at him. And I don't have any claims on any of his holdings.