I picked it up today, and though I have only given it a cursory once-over it looks pretty good to me. Inside you'll find:
Chapter One: Seafaring Adventurers
This basically lists and give stats for underwater races like Merfolk, Merrow, Aquatic Elves etc. There is an Aquatic Elf PrCls called the Reef Warrior. Also, there are new spins put on old skills, and one new skill Alchemy: Underwater. There are a number of new feats (5 pages worth), equipment, 10 pages of new spells, 4 pages of new magical items, and a section on underwater combat.
Chapter Two: Seafaring Campaigns
Gives a basic overview of styles of waterborne campaigns to implement. Includes a section on "Ports of Call", Politics, Mixing Cultures, and gives some Open Game Content Stats for some NPCs and a city.
Chapter Three: Underseas Adventures
Covers different underwater terrain types (Kelp Forrests, Coral Reefs, Hydrothermal Vents etc). Has a section covering "The Underdeep", I get the impression it's a submerged Underdark, and includes "Deep Drow". Also, there are a few New Monsters, and a new Template (Aquatic).
Chapter Four: Ship Construction
Covers differnet components of ship construction (hulls, propulsion, castles, weapons). Details Ship Qualities (Basically Feats for your vessel) that include "Fire Tested", "Sea Skimmer", etc. and gives costs for hiring crew members.
Chapter Five: Ship Designs
Stats and floor plans for a number of different vessels, including the "Dwarf Ironback", "Deep Crawler", and "Iron Whale", not to mention the conventional types of ships.
Chapter Six: Ship Combat
I haven't read through it yet, but it covers ship speed, turning manuvering, damage, breaching, fire, ramming and broadsiding, boarding, swashbuckling, and finally sea conditions.
That's all I can tell y'all for now... I like the looks of it, I looked for some of the other books mentioned in the thread, but my local store didn't have any of them (that I saw anyway...)