Thread starter means I can put my own ideas forward first, right?
Myself I would like to see a robust economy take place by sea, but with its own risks. Traditionally port towns have been the major centers of commerce because it is easier and often faster to transport goods by sea. Why should the magical game setting of Elemental be any different? But it should have greater risks and sea caravans should be subject to storms at sea, piracy, as well as random sea monster attacks.
I'd like to see some similar realism in industry. Coastal and river towns should have a better farm bonus. Possibly subject to magical water attacks though? The bounty of the sea has always provided well for food as well as unique industrial substances (fish, salt, dyes, pearls, etc). The Open Ocean should be be particularly useful, but might have some unique high level adventures. Mysterious floating/flying islands, Sea Dragons, special magical quests. Because you don't have immediate access to the sea you can safely put higher level quests and tougher content out there because by the time the player can get to it they should be more ready for it.
I do believe that most of the military focus should be on land and that while a strong naval component is good most people want a land based strategy game. So I think that naval ships at sea should be risky as a basis for power. Subject perhaps to random attacks from ocean storms, Sea Monsters, as well as enemy naval forces. Magic might easily able to destroy a fleet of ships as well when they're outside the protection of their Channeler. For me it also ties in with the historic risk of moving vast armies by sea (Romans won a lot of sea battles by making their foes chase them in sea storms when they stayed coastal). Greek legends are full of stories of their pantheon and sorcerers stirring up the oceans and dooming sailors. So I think the option of naval assaults should be available but more risky so that only the skilled, lucky, or desperate are likely to try it.