The speed boost is the only other thing I've earned from sailing. My cannons are on ten but I've not been offered anything else. I thought we would have the option of firing different types of cannon balls when we hit level five because we get different cutlasses, dolls, etc. at level 5.

you do have access to grape shot, chain shot, and even the flaming shots by level 8! you must first buy them from the cannoneer in port royale, then while shooting your cannon instead of the right mouse button, use the mouse scroll wheel to cycle through your available shots.

oh and the next thing you learn for sailing is "Turn About" (i think is the name) that lets you spin extra fast for a few seconds.

sweet thanks all.. now only if lag let me I would do some saling tonite I couldnt even get in last night it stunk

Oh good. I tried like heck to read what it said for experience on the different cannon balls at the Cannoneer but that red writing is just too small and dark.

I'm going to go stock up on the new stuff. Does it appear to earn cannon points faster?

well if you use grape shot to kill everyone on deck first, you'll get a few extra cannon points more than if you don't.

i thought i had noticed that if you shot a ship with a flaming shot first that it seemed to give more points than if you didn't, but that's probably just the rum playing tricks on me! :D