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I've run this twice now and I'd like to recommend it as a great adventure. It has lots of atmosphere, hostile weather, dramatic moments and opportunity to roleplay. The combats take place across unusual and challenging terrain that make the fight more than a slogging match. There is an interesting interlude where they are trying to save the ship in the middle of a hell-storm, mostly without any sailor skills. This is fun if carefully handled and laid on fast and furious so they are constantly assaulted by problems.
I thought it was going to be a character killer scenario when I first read it because the players meet some quite serious challenges including ethereal foes and undersea combat penalties. In fact the two parties that I GM'd both foundf it relatively easy. (one had six players and the other had four.) So be warned you may need to turn up the volume a little in order to give your players the sense that they are meeting a really worthwhile challenge.
On both occasions we had a new player on the table and in order to play at this level they picked up Valeros. Wow! He is a mincing machine at 7th level!!! They gave him the Cloak of the Manta Ray and he was a Terror of the Deep!
Another tip: I had all the maps printed out to size but it proved to be a mistake for the complex shipwreck. It slowed down the action because a lot of the wreck is empty apart from floating bodies. (They don't smell them, they taste them, urgh yuk) On another run I would just give the players a description as they moved around -- and then just slap down a map of the relevant area. I think that might make it creepier, too.
Good adventure. Enjoy!