Amazing update --- might just dive back in.
What I'd like to see before truly immersing myself in the game for a full playthrough:
Very strong ship-building & customization
Overhauled fauna system, with even more diverse spawning/creation algorithms, behaviors, animations etc.
Mystery sub-quests, similar to those of Sid Meier's Pirates! e.g. hunting for clues to the whereabouts of your lost crewmates (?), hunting down notorious pirates, bounty hunters, crime lords etc.
Attackable outposts, bases etc. of factions witht he game keeping track of your progress & history of attacking said bases. Similar to Pirates! where you get a letter of marque to attack certain ships & towns from certain countries.
The more things that get pulled from Sid Meier's Pirates!, the better --- this is turning into an absolute gem.