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Main difference between factions is also in how they gain experience. They each get a bonus to specific experience. Valiant - combat, consulate - questing, sojourn - exploration (they gain exp from discovering towns), and exchange - from trading. If you start as Valiant then find yourself mostly doing questing, you may wish to switch to the Consulate faction, for example.
Also, where you buy ships matters. Factions have certain favored ships that they give a 30% discount on. Valiant towns sell Ship of the Line at a 30% discount, for example.
Quests, while all are available, also are affected by factions -- or their cooldown timer to be precise. Valiant can get kill quests much more often than other factions, for example.
Regarding "Additional effect" slot -- in addition to the two you listed, there is also a Mortar you can obtain, which gives you a new AoE ability (in addition to the explosive ammo bonus). You may also wish to add "at the time of the writing", as this will be expanded in the coming weeks. Same with the grappling hook / spyglass.
In regards to talents, the benefit they provide is generally either +2 / +5 if it has 2 points, or +1 / +3 / +5 if it's a 3-point talent. Volley is 15% / 30% / 45%. Lucky charm effectively boosts the quality of items by +1, and in some cases even +2.
I think I implemented everything mentioned.
The third row of talents are unlocked by spending points on the second row; Defiance, for example, requires you to invest points in Shields Up! first.
Thanks for the guide, though Aren deserves the credit - I'm just a guy who wrote the guide.