1. You need a home so you can set it up with maximum "comfort" from items built. This translates to better rested bonus for better xp gain and stamina regen. Stamina management is important in this game. Better foods made at crafted stations will give better health and stamina benefits. You have a set amount of health and only food will increase it.. it does not go up with level or anything. Finding and making better food is key.

So in that respect a base of some kind is optimal. It gets raided by NPC enemies, very few people have PVP servers going.

2. Seed generates world. It is RNG generated you have a map and mini map. The world has limits to it.. find them if you dare... <seriously avoid.. last warning>

3 Die stuff to tombstone can recollect. Bonus when picked up. All items removed but also returned when tombstone collected. 5% loss on all skills.

4. Got a 1070 and it runs smooth with motion blur off, removed foliage <easier to see stuff anyway> 60fps at 1920x1080 pretty solid. Game looks great on those settings though.

Graphics low settings. Max distance. Motion blur, depth of field off, foliage off anything like bloom off, shadows on minimum.
https://steamcommunity.com/sharedfiles/filedetails/?id=2536831065
https://steamcommunity.com/sharedfiles/filedetails/?id=2672781835
https://steamcommunity.com/sharedfiles/filedetails/?id=2591921040
And it looks this incredible... the devs really have done some magic with the tiny install size and performance. Just amazing really.

5. Larger boats have more storage. Frankly there isn't much you would have to transport by boat. I often make many bases in key processing locations for resources. Most of the time you can get what you need locally ore wise to set up an outpost. Then you can use portals you craft and set up to carry non ore/ingots.

Keep in mind this is not an MMO of any sort. The size of the playerbase is not important.
The game is not complete but what is has is fairly well fleshed out. Balance is good for solo as well as group. Max on a server is 10 unless modded. People host their own, there are no "community" servers run by the devs. Most servers are password protected and people play with friends to avoid griefers and thieves.