Ooo! I must check this out. Oddly enough I'm more interested in the aesthetic changes than anything else really.
And things are looking way nice (as Mac has noted below)
Noticeable changes at sea with the ship textures... Also the masts wobble a bit when they're hit with cannon fire. Still wish they'd make the sails burn like it did way back when. Doesn't the sky look just... wow. Much better.
The swells created when a ship sinks are a nice touch too.
Hrm.. Let's not be too obvious now, Big D.