It's fun so far, 20 hours in. It's no simulation, but great fun to gallivant about the seas nevertheless. If anything, I'd compare it to Mount & Blade, as you assemble a rogue fleet with the ships of your choosing and go around carrying out raids and attacks as you please.
The tactical battles are fun as well, manual aiming is necessary to do any damage at all, but once you master that you'll be sailing in circles around the AI most of the time. Personally I just find it deeply satisfying to land a full broadside from a cruiser at max range, those little DDs can be damn hard to lead properly!
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