The 2 supermods I'm aware of are Trigger Maru (TM) and Real Fleet Boat (RFB). They each have their differences and design philosophy (eg I think RFB emphasises historical accuracy). Imo either of these are "must-haves" as they fix a number of annoying quirks and bugs in the game.
Reflections on Water (ROW) is purely a graphics enhancement mod. Great work, but it will effect frame rates.
Natural Sinking Mechanics (NSM) changes the way ships damage/sink. In the stock game each ship has a number of hit points. Exceed this, and the ship will sink. Similar to what stock SH3 used. In NSM you can only sink ships by making sure enough compartments get flooded so that you get negative bouyancy. More realistic, but also more frustrating. If you've played GWX on SH3 it will be similar to this, I think.
There is also a NSM Lite version, where ships sink about 30% faster than in the full NSM mod.
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