Really like the patch Krusty, looks good, but I agree with others that the ships kinda loow "meh" upon further inspection.
Try an older model american carrier IMHO, their decks didn't fully cover the bow and stern of the ship. The only problem I have with the boat (and it seems to go against the symetry of the patch that one of the boats is following the other boat, rather than them being mirrored) you used is that it looks too much like a small dingy or rowboat. Same thing with the torch eyes, both are pointing up when I think mirrored symetry might work better (ie: rotate the top torch 90 degrees CCW and the bottom one 90 CW).
I think the 5-star in the background oriented pointing up, the way it is, is a perfect up-anchor/reference for the rest of the patch and artwork. Last little thing I just noticed, seems to me most of the outermost text on the border isn't centered in the border (seems to be riding a little high/outwards). Word wrap can be a finiky bi!@# in earlier versions of PS, hopefuly you can adjust it quickly without trouble and dont have to manualy insert and orient each letter.
Manthis, I like yours too but it doesn't seem 100% complete yet (don't get me wrong, you've definetley done most of the work and the hard part at that), and you also did a great mash of a lot of red n white. I like the planes and ship, good scale and clarity on the edges. It might just be me and too much coffee today, but does the star-density on the american flag look too dense ot anyone else, maybe it's the 90-degree rotation...? I also think a border would be good and is missing (just a single black or red or w/e line, doesn't have be be a banner w/ type, just a clean edge on the limits). Also save a copy of the file and then scale/zoom it down to ~actual patch size, I think all the type/font (and that thin philippine phandango) will look a pinch too small/puny, so you might want to bump it up a bit (~120% imo), taking actual scale into consideration.