Ahoy Mates!
If you haven't been under a sea crustacean for a while you've probably heard of Shrouded Spoils.
Executive Producer Joe 'The Talent' Neate teased some of the new features in the upcoming Content Update in the latest Developer Update Video:

Official Sea of Thieves Developer Update: October 25th 2018

So what do we know for sure about the update?
Well, I'll just let community asset @Musicmee fill you in:

@musicmee said in Official Sea of Thieves Developer Update: October 25th 2018:

• Shrouded Spoils - The next update coming in November - an update/promotional video is due closer to the date.

As part of Shrouded Spoils we will see:

• Ship Customisation - Including cannon, capstan and wheel customisations!
• Fog - Can roll in at any time, very spooky and eerie - makes the crows nest a vital part of sailing.
• Pirate Legend Commendations - Specific commendations ONLY for Pirate Legends.

Wow, oh wow, what an update!

Thanks for the info @Musicmee!

Neate aslo said the update is a collection of community requested features and that there's a bunch of other stuff coming with this update that he's leaving for the content update video to reveal.

Now that's all well and good.
But what else can we expect?
That's where my speculation comes in!
Let's get started eh?

• Alright so first off I think the Time limited campaign will feature DeMarco Singh as the Merrick/Wanda/Morrow style character.
  

Why do I think this?
Well, because in the picture above you can see that they have his 3D model completely designed and ready for implementation into the world.

I don't know what he'll be doing in the time limited campaign, but I'm pretty sure he'll be in it and apparently he's very competitive according to Neate's tease about DeMarco at the SoT New York Comic con Panel.

• So next I think we'll be getting Pirate Legend Weapon skins.
  

My reasoning for assuming that is because this update seems to be focusing on PLs, so it'd make sense that the Pirate Legend Weapon skins would be added.

• Emergent Skeleton Ships Encounters may be added as well.
  One of the reasons I think this, is because of this promotional Cursed Sails picture:
  

As you can see, the picture features a Skeleton Ship coming out of Mist.
If the mist in the picture is not just an artist's embellishment on the screenshot; then Skeletons Ships may linger in the Mist with the upcoming feature.

Another reason why I think Emergent Skeleton Ship Encounters will be added is because the devs have teased this feature alot on the Unofficial SoT Sub-reddit, so it's probably very close to being added... so why not add em in Shrouded Spoils?

For additional info on what's coming for Skeleton Ships: I advise visiting @SKULLIAH's thread on the topic.
Link: Skeleton Ships improvements that are coming

• The remaining Forts may be activated as well, but I don't have much evidence for this getting added.
  Though it is a much requested feature, and Shrouded Spoils is a community feedback based Content update.

• As for the Time limited campaign cosmetics, we can probably expect all original customisation sets or the Whaling Barnacle Ship and Equipment sets, along with New Scares, Tattoos and Facepaints.

The End.

Well mates, that's all I got for now, what do you think of my speculation?
You think I'm on to something here?
Or am I full of it? (As usual)
Until then see ya on the seas!