In 3.3 my fleet consists of the Brandenburg frigate and 2 fast galleons and in 3.4 my fleet consists of a fast galleon, the Postillionen 6th rate frigate, and the Wicked Wench.
In 3.3 when sailing alone the frame rate is 50-60 fps. In 3.4 when sailing alone the frame rate is 30-32 fps.
When other ships are around the fps drops to single digits and the action becomes choppy with noticeable jerks and stops in the action. The game becomes almost unplayable.
What I remember about that earlier 3.4 is that it took 2 merchant quests per month just to pay the bills, smuggling was ok, and the first treasure quest I go was too difficult and I could not do it for some time. The result was that I stayed with my starting ship until level 12.
Now merchant runs are profitable, smuggling nets a very good profit, and I hit 5 hugely profitable treasure quests in a row before finding an empty chest. I have been buying ships just to berth them, buying ships and giving them every upgrade just to see how they do and then selling them, and generally acting like royalty buying everything in sight. The game is actually boring.