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Animation on flags and sails is done in layers, so flags have just three - direction of the wind, strength of the wind and a "wave". Sails aren't nearly done yet as you noticed. When complete sails will be animated for wind direction, strength, luff, gusting and blended uing some noise animation to mae it a little more irregular. The idea being that just as in a real sailing caft you can tell how efficiently any one sail is operating just by looking at it, that same data is then passed to the AI contolled crew to trim the sails (based on their skill of course).
The two vessels shown are fairly accurate, but they are based on an English "Hoy", a small (about 40') coastal vessel, its a merchant hull and designed to get as much cargo into a small as possible, around 100 tons . I say "fairly" accurate, they aren't very detailed and are more for us to test our sailing model and rigging set up than be a finished game asset, but they are pretty much the simplest hull design available to a player.
What isnt very accurate on them is the deckplan, and I suppose that is mostly what can be seen in the video, the deckplan on them is a dutch barge, again as its the simplest deck plan we have so good for testing, in reality they would more likely have a slightly raised forecastle and quarter deck with a curved gunwale. Which would give a much smoother line to the vessel. In the west indies masts were ususally raked back as well.
So...long story short, they are "accurate", but are a very simple design whos only real beneift is cost, it seems unlikely that anything like them would have been used for more than short local trading runs or longline fishing.