The main problem with this piece is readability/contrast. There needs to be some distinction between the floor and the boat so the player can tell what they're looking at right away.
I agree about the contrast. It has beautiful textures. I love the variation in the wood types.
Hey, I remember this from HBGames! Very nice. Agree that the palette is a bit dark, though. I think it would really help make it pop if you made the upward-facing surfaces lighter than the sides.
looks great. I only think you could raise the contrast just a bit. Maybe make the darkest color a bit darker, and perhaps the lightest color just a bit lighter.
quick pallete edit:
http://desmond.yfrog.com/Himg37/scaled.php?tn=0&server=37&filename=devex.png&xsize=640&ysize=640
You call that a small ship? 
Just kidding.
I assume that since it's for a game the water will be continuous, 'cause the only thing I don't like is that jagged strip. But I really dig that wood texture and colouring, really solid stuff.
Awesome. I concur about the awesome texture and lack of contrast. I must take this and study closely it for future projects. Although I think the title is a little misleading. ;p