Regarding this update...
Observations (hows it work):
Once you complete the first quest, it will unlock the other four provided the pirate is the appropriate level.
The highest level requirement, by new quest giver Jeremiah appears to require level 20 to unlock.
Observations (problems):
Enemies often spawn with "shadows" turned on or something, very dark. They immediately brighten up and come to life once attacked. (reported)
New quests: Must press ESC at end of receiving quest, to exit quest giver screen. (reported)
New quests: Bill Barrett's quest "Murky Hollow Relics" appears to be busted, no digspots in Murky Hollow work, and the clue, points towards enemies that do not exist in the area. (reported)
I havent found any major wall glitchs, I can walk through a few rocks, and hide in a few walls (reported), but cant really get anywhere im not supposed to, however I have heard/seen others that are obviously better at slipping through the fabric of time/space better than I
Added: Compass has changed, now basically a fixed compass, with only what its reflecting moving about.
This facilitates the F8 maps, but IMO messes everything else up. Now you must pay attention to your ship in the middle of the compass to determine your position, and THEN evaluate all the other activity around you. The old way, you paid attention to the traffic around you, knowing your ship was always pointed forward in the compass. IMO they broke this to work in a non-conventional manner strictly because of the F8 maps. Maybe this works on land, but definately NOT at sea.