As a proponent of "function>form," I have to say that the graphics didn't really bug me. I will say that it would be worth the extra effort of animating the whole 5 or 6 frames of the boat swaying from side-to-side, though. Rotating it in flash--what's that called? "Tweening?" Yeah, I think "tweening"--just gives the boat really weird, jagged edges, two-thirds of the time. Everything else looked great, though. (Okay, "great" is a little strong, but you know what I mean...)
What did strike me as interesting was the concept of a shorter RPG. I am not particularly a fan of games that have massive game worlds that you can easily get lost in. I don't really enjoy devoting like a hundred hours to "grinding," either. It's gotten to the point where it is actually /refreshing/ when an RPG exhibits neither of these traits, as yours does.
I also liked the simplicity of the battles and the healing system; I never felt the need for a tutorial (although other people obviously think differently...)
I'm giving you a "pass" on my only real gripe--that the game is a little short--since this is your first submission, lol. In the future, I think it would be cool to have a game somewhere between this and those 100-hour jobbies, length-wise.
This is a solid 4; great work, d00d! I'll be keeping an eye out for your future games.