The order of how things look to be going...(inventory system, and

[MacIronhawk]

Quote Directly from developer diary.

The Kraken, Inventory System and New Content
While improving the game performance has been a huge focus for us, it hasn't taken us completely away from building other stuff we know you want. You may wonder why did we work on game performance first? Because game performance is the foundation for everything, if the game isn't working properly you won't be able to enjoy new content, like...

• Inventory. Our inventory system is still undergoing a dynamic overhaul. As I've said before, Pirates by their very nature collect stuff, so having more slots for storage, is definitely something Pirates could use, and of course that will mean new clothing, hats, and other items to accessorize your Pirate.
• The Kraken. This beast has proved to be a real challenge. Why? Well, it is basically our next story chapter, many things will be tied to it, such as Notoriety increases, new Story Quests, and so much more. So we ask for a little more patience while the dev team wrangles the monster. I know, I know, we keep saying that - I promise you, the Kraken will be more than worth the wait.
• New Content. Alright, I can't give away all our secrets - that would spoil the fun! But I can tell you our Crew of craftsmen, shipwrights, and blacksmiths are working on some amazing stuff and other surprises that are going to blow you out of the water!

http://piratesonline.go.com/#/game_i..._diary_14.html

So, first the inventory system is what's being done. Who wants to start making bets that the Kraken will be next, then new things from the craftsmen, shipwrights, and blacksmiths?

This is strictly speculation.