Let’s see, mod changes 3 things: flotation, flooding time and HP (optional).
The results of messing with flotation should be obvious: rather than having to blast away all HP, causing a big explosion before she finaly sinks, you can now see some effect from your hits, in the form a greater affected pitch and roll (listing, and sinking by the bow or stern). With carefull aim, it should be possible to dispatch any ship to Davey Jones’ locker before the fireworks display kicks in. I’m not saying that you will manage this everytime in ‘real-world’ conditions, just that it’s possible. 
Increasing the flooding times simply makes it feel a bit more authentic: rather than the ship slipping beneath the waves a minute or so after being hit, she will linger a while and contemplate her fate. 
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The HP tweak raises HP a little in most cases, lowered for most (if not all) warships and lowered for some small fry. Why is this done? 
Because, for example, 1 of your torps caught a bad wave and didn’t quite do what you wanted it to do. Result: target takes 2 hits, but where normally that should do it, it stays afloat. You fire a third fish and hit, but because the target now has 0 HP, a big hollywood themed fireball rips through the ship. We were trying to avoid that. 
So that’s what the tweak changes: allow for that extra coup-de-grace shot. Should even that not be enough, then the next hit will definitely finish it (few shells from DG will do nicely too), in a grand hollywood display. Note however that due to highly variable damage from torpedoes, it still might go down in blazing glory from that finishing blow, it’s just a little less likely to happen. 
Comes in 3 modules:
BRF full: flotation tweaks + flooding times increased
BRF lite: flotation tweaks only
BRF HP balance: changes HP to be more in balance with the mods objective
