We prefer not to talk about the future and want to do everything we can to lower your expectations.
Also we like playing our game with you and talk to you on forums. It pays greatly - We have so many great ideas from you that we would never come up ourselves and want to get some into fast production. But it takes a toll and we don't have time to build hype - we just give the features to try for the paying user.
Short version of the summary you requested.
Currently we work on
improved ballistics (particularly carronades and double shot) improved damage model open world sailing prototype connection to infrastructure new ships commander tablet some other minor secret things creation of new bugs
Some warnings as well.
Three key risks
Damage model will change the gameplay and will require some rebalancing, but it's needed for long term and it will be final.
Infrastructure of OW is untested for mass usage, we are going to suffer together.
UI will continue to suck for a while.