As far as the rotation of the shipwreck and so forth is concerned, that all occurs just as you see it in the trailer, with fluidity of motion not being effected. If I do my job well, you will rarely be able to tell the difference, but if I don't the mod will be disappointing. Again, you are a slave and not allowed to travel far to gain conflicting perspectives, and it all ( or nearly all ) takes place in interior cells. We'll all just have to wait and see how well I do the illusions, eh? Chris Angel, look out...
EDIT:
I should mention that you can get off the ship and go for a swim, the ship will "stop" and wait for you. If you can manage it, you could also levitate and fly around, but trying to fly to shore would be impossible.