Two or three years ago, when the rules had just come out, I played two games with cbovil of this forum. They are posted on the AAR's thread, but I could not even guess on what page. (On edit: OK, maybe I
can guess. I guess it is on page 11 of the AARs thread.

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I happened to be in his town (Las Vegas) around the time of a gaming con, and he was planning to run a game. The evening before he had a couple folks over to his home (myself included) for a "practice game" so that he (and we lucky few) could gather some familiarity with the rules before the con.
The evening game was a clash of cruisers -- Brit vs. Germans. The con game was a hypothetical clash of battle fleets -- the Brits bringing Hood, KGV, PoW, one or two of the older battleships, and some cruisers, vs. a German assemblage of the Bismark, Scharnhorst and Gneisenau, a few Panzerschiffe's, and Prinz Eugen. Or some such. Was a few years back, so I may have gotten a couple ships wrong.
I am not a big naval gamer. I think I played two times prior to that event, and I have no idea what rules I played under before. But for what it is worth, here are my impressions.
Pro:
I think the rules played reasonably smoothly and quickly. In both cases we were able to get to a respectable conclusion in a few hours (3 or 4?). Ships maneuvered, guns fired, many misses were observed, some hits were shrugged off, some hits caused remarkable damage, fists were waved, curses were tossed over the waves, and a good time was had by all.
(Added on edit: Note the "good time" bit. The rules were indeed quite fun to play. Most of the time in the game was spent maneuvering and fighting, rather than turning pages in the rulebook. That counts as a good thing!

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Con:
I fear the rules did not meet my demands for realism. Not that I was seeking too much fine detail. Playability was good, and is important. But I would hope for rules that push players towards the actual tactics that succeeded in real life. These rules seemed to push players towards tactics that do not correspond to what made sense in real life.
For example the issue of torpedos mentioned above: in our clash of cruisers, one of the British boats made a mad rush at the strongest German, in the hope of changing the game with a close-in torpedo attack. Ach, but he took greivous damage, and his torpedos missed. Such a price to pay. So, all looks good and fine, no? But then, just a couple turns later, another cruiser DID launch, and DID score a hit, and then we found out that far from being a game changer, a hit from a torpedo was indistinguishable from a hit by a medium gun -- the difference being that you had multiple turrets with multiple guns firing every turn, but only 2 or 4 torpedos on the whole boat! The torpedos did so little damage that it was silly to even bother with them, and I expect no gamer would ever undertake a bold torpedo attack once he had experience with the rules.
Another issue was the gun ranges. The rules give ranges according to gun caliber -- bigger guns have longer range. In our battleship clash this lead the Brits to a strategy of standing-off and using the superior range of their 15-inch guns to batter the 11-inch gunned sisters down to the point where they were almost combat ineffective, before closing in. The problem is that, in real life, the German 11-inch gun outranged the British 14- and 15-inchers, and in particular outranged the 15-inchers on the older 20 degree mounts by a factor of 2!
So in both cases the rules were pushing the gamers to play with tactics that wouldn't have made sense in real life. It was almost as if we were playing a game with Micro Armor using rules which say that a T-34-85 outranges a Panther because it has a bigger gun. Yeah, it simplifies the rules, but you don't get any feeling for what a Panther was in that case. Might as well be playing with generic "medium tanks".
That said, I think the deficiencies I saw could be resolved with house rule modifications. If the game mechanics work well (and to my experience they did), then all that is needed is some adjustments to the data.
Hope that helps.