I can safely say what you are looking at is very early work. Things have moved on since then.
Lighting is a bit broken, textures are an early pass and the men are "placeholders" and not "the full monty".
Some of the ships are stuck "in irons" as a result of turning through the wind and as a result the sails, which are also not using the full sail model, look a bit ropey.
The naval AI is still being written.
Things will move on. I'm glad you still think it looks good though.
When you see the sea "in action" you will realise that it really is better than almost any game you have seen before.