About bonuses and splendor
Edit: Updated 14.01.2019. patch 1.28.2 after Golden century DLC.
In its expanded form, each age contains seven period-related objectives, which when fulfilled, grants nations
+3 Power projection and
- From EU4 wiki.
Each age has a few good abilities while the rest are very situation or weak. In general its not worth going way too far to fulfill ages and get more splendor unless you really badly need some ability quickly. If you fill 3 objective you will eventually get all the abilities you want. If you fill most of the objectives you will have spare Splendor that goes to waste. You do get abilities quicker and more power projection if you have more fulfilled objectives which is a good incentive to try to get them.
Age of Discovery objectives
This age has quite a few good abilities so chasing objectives early should be prioritized.
Discover America - While having your capital on Europe, Africa or Asia, discover North America, South America or a random new world continent - Get it if you want to colonize, otherwise don't bother. Should be possible to steal map at Diplo level 6 if you really want it, I didn't try it though.
Developed Nation - Have at least 100 
total development while the capital is not in Europe, Asia or Africa - You can get this through conquest. Not worth it to develop a lot.
Control Centers of Trade Own and control 5 core provinces with the Coastal Center of Trade or Inland Center of Trade modifier - You should blob anyway to get these important provinces. The faster the better.
A Large City Own and control a core province with at least 30 development - You should probably get this in every game. Having a highly developed capital is generally good way to embrace institutions. Its good to wait and develop a bit later to spawn Renaissance if you plan to do so. Otherwise you will have to spend lots of points trying to get both.
Embrace Renaissance Embrace the 
Renaissance institution and keep it in all state provinces. - Get this when and if you can obviously. Not worth it to go extra length to use state edicts or develop provinces to get it faster.
Hold Three Thrones Have at least 2 
personal unions as Christian country - Extremely situational - Austria can get this, Denmark, Burgundy and maybe someone else if you are lucky. You can't do much about this.
Feudal Society Have at least 5 
vassals as non-Christian country. - This is usually over diplomatic limits so its not worth to pursue it. You could get it with Muscovy and maybe some other countries that can get easy vassals, Japan shogun gets it. In general, don't bother.
Present on Two Continents Own provinces on at least two continents. - Some nations are in unique position to get this one. Prioritize it to get it quicker, no brainer.
Humiliate Rival Humiliate a rival through a peace treaty - Get this immediately at start while you can rival many people. There's usually an easy rival you can defeat and you don't need to take all his land.
Age of Discovery abilities
Feudal De Jure Law - Allow Edict “Feudal De Jure Law” (
−5 Unrest) - his is useful edict - combination of this edict, -2 unrest advisor and rebel suppression can stop the rebels. If situation is really bad, edict + increase autonomy should solve rebel issues. Avoiding rebels save both money and manpower, often worth it.
Justified Wars 
−10% Aggressive expansion impact - Great if your AE is important. Good fiest pick in HRE region, maybe in India, Japan also, anywhere where there is lots of states.
Transfer Subject Transfer subject peace treaty at half cost, and allow fabricating claims bordering existing claims. - Transfer subject is a great way to steal vassals from overlords. You could for example vassalize Naples or Hedjaz this way. If you are in position to use this ability its a worthwhile pick.
With Fabricate claims change you can chain claims to attack countries that you could not otherwise attack with legal CB. This could be extremely powerful tool to gobble up and vasalize HRE minors for example. Good for Ryukyu also, you can snake your claims all the way to Malacca.
Improved Wartaxes −100% Wartaxes cost - Great way to save some money. If you don't need other abilities more this is very good pick. You could even intentionally start easy wars or stay longer in wars to save money. You will have this picked every game, sooner or later.
Cavalry Armies 
+20% Cavalry to infantry ratio - Could be a cool pick for Eastern nations or a horde for max cav tactics. Since money is scarce early and horses are expensive its hard to put to good use. Not great but pickable if you don't have better choices. In 95% of the games you won't even care about cav ratio.
You could never pick this one if you don't care about cavalry.
Higher Developed Colonies Gain 
+1 base tax, 
+1 base production, and 
+1 base manpower in a colony when it becomes a city. - Some quick colonizers can get a few development from this. You can get something like 5 - 10 colonies, depending when you pick it, small bonus. benefits are questionable, since colonial nations forms, provinces are not in your states... Kind of weak, pick if there's nothing more important. Obviously, you should never pick this one if you don't colonize.
Adaptive Combat - Terrain Gain +1 combat bonus in provinces with the same terrain type as the capital. - This is cool bonus to have, equivalent to something like +5% discipline if fighting in favorable terrain. Important pick, worth it as 1st pick. There are a few nations that can't use this bonus well, but those are exceptions.
The Guns of Urban: +33% Siege ability (available only to Ottomans) - Cool ability, i tried it, it looks strong on paper, but in game it just saves a bit of time, its not really mandatory or OP for Ottos. Ottos might pick combat bonus, AE and war taxes ability before this one.
Portuguese Colonial Growth: +50 Global settler increase (available only to Portugal) - Great bonus for Portugal, 1st pick. Helps picking up major trade centers quickly.
Danish Subject Loyalty: −30% Liberty desire in subjects (available only to Denmark) - Obvious pick for Denmark, not much to say.
Venetian Trade: +50% Ship trade power (available only to Venice) - Good Venice pick. You can use force limits to build less Light ships and more Galleys if you need them. Or just get more ducats. Its a pick certainly, you might pick AE reduction, war taxes or combat bonus ability before it tho.
General rating
If you don't know what to pick you could start this way.
*** Best, always good
- Adaptive Combat, War Taxes, Justified Wars and Nation specific abilities
** Can be very good but are situational
- Transfer Subjects, Cavalry armies, Feudal De Jure Law
* Weak - give only small benefits
- Colony development
You can find more information about ages on EU4 wiki page:
http://www.eu4wiki.com/Ages#Age_of_Discovery
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