It's fairly obvious that the game in that video is played with a very low realism level. While I don't like the map appearence, and the Windows 7 style icons/dials

for torpedos, rudder, speed, etc. I believe the map wil be entirely optional and the icons/dials are if not placeholders, easily moddable. All in all, we have a periscope view that is surrounded exclusively by black background, which is exactly what you see in real life when looking through a binocular/telescope/periscope. The reticle is incorrect, but the Devs have already said that it is fully moddable, as it is no longer hardcoded but instead stored in an external file. For me (And I'm a realism nut) a black background and the ability to put in a realistic reticle fills the bill completely