The waves look much improved.
Was going to say that the scale looked a bit off but the latest images are excellent. They have a realistic, "ripply" look that truly imitates actual wave structure - instead of the basic ripples in older games like Silent Hunter 3.
A few flecks of foam maybe would be icing on the cake! I've noticed that you can get whitecaps/foam on the water even in relatively light winds, IMO it would be a nice touch.
It would be interesting if sea-state played a role in ship damage; in WWII when a ship was hit, high seas would often progressively worsen damage. Bulkheads would collapse and damage control was more difficult ... I read of one case where a tanker (MV Sitala) snapped completely in half when she got caught in a gale after being torpedoed.