RPG element is lacking. Missions are repetitive with only a few varieties of mission types.
Societies are lacking familair tools for society management that other MMO's have e.g.( last log on, society warehouse, society auction house). Societies cannot declare war on each other either. However you can make custom sails and flags for you or the society members to sail around with.
PvP has two parts. The first part is on the open ocean where you and your buddies can drive up contention around an enemy port. Then a big red circle shows up on the map. Anyone sailing into the circle is fair game for anyone to attack. The second part is when there is enough contention a port battle is schedule for 46 hours later. This is where you hope that both sides bring enough ships for this to be a fun fight. Up to 24 ships per side can join in a port battle. However if one side or the other decides to bailout then the battle turns out to be quiet the let down.
The economy is huge and can be fun for people who like to dive into the intricacies of ship building. However it can be very overwhelming to new players trying to learn the economy. Several outside sources of information have to be utilized to full understand the economy e.g.(spreadsheets on fan sites, profit and cost calculators).
In the end this might be a great game in the future with enough development time to iron out all the kinks. However right now it seems that it was a great idea that was implemented with only half a plan.