I dont think theyve decided how they are going to do the travel times. I cant imagine theyll make you wait for weeks in game to get to your desination...
As I understand it, they will be releasing 4 successive 'games' ultimately arriving at the final incarnation.
R1 is going to be ship combat and such
R2-R4 will deal with everything from trade, fleet creation, land ownership, etc.
It looks very promising - kind of a mix of what SWG should have been and Pirates of the Caribbean/Sea Dogs.
The ability to choose from multiple professions of such a detailed nature is a plus. Ex: sailing as a Pirate with no loyalty to any flag, a Privateer under a flag, a straight merchant, a Naval officer, or a regional governer on one of the islands.
All the usual countries will be included, French, Brits, Dutch, Spanish, etc, and all major ship designs and weaponry will be included based on their historical/nationality based real worl counterparts.
The possibilities for this game are pretty promising.