I agree totally. Already pre-ordered because it seems like a good pirating game, and it has the rare component of crews, but from what I've heard it's seriously lacking progression wise.
I understand that the devs don't want those 100+ hour pro's 1 shotting everyone they meet because they have the best of everything, but what they don't realize, is that pros will forever win, all this lack of upgrades is doing is stop the less skilled of ever having a chance of winning.
Imagine for a second 2 people run toward each other on a beach, 1 skilled, 1 unskilled. If they both have the same weapon the skilled player will win nearly every time, HOWEVER, if there are upgrades, the unskilled player can use those to his/her advantage, and actually, have a chance of winning.
Lack of progression might also mean the end of this game. For example, one of the games I play has roughly 500+ hours on it, even though I detest the thought of playing it, all because you can progress for years without hitting the end. If all you can do is decorate stuff, people will do that (I'm guessing all the decorations you want can probably be found within a month judging by the fact I was able to buy all the decorations during one of the betas in a week), so maybe people will play for a month or two, but then what? You've killed every boss, looted every treasure, gotten every ship, and all the clothes you could ever want, but there's nothing left, nothing new to find, kill, loot, or buy, and when people hit that end, they will get bored, and they will leave.
I might be rambling a bit, but I really don't want this to become yet another 6-year-old role-playing game, when it has the potential to becomes one of the best games out there.
Either way though, see you on the sea's, and may the wind be at your back!
Cat