Summary
The best modern sub sim for the moment, but missing some key features
The Good
Detailed sonar simulation, good terrain features of the world, mission editor, plenty of missions, ability to improve submarines based on mission performance
The Bad
Lack of some famous opponents, like the Soviet Alfa-class SSN and Typhoon-class SSBN. Lack of non-Soviet Bloc opponents (what if we had to fight the Germans? or French?) Lack of dynamic campaign. Internet play limited to IP address matching, ability to improve submarine too "game-y", inability to get medals or citations. No "flag painting" (to commemorate your kills). Editor severely limited (it's not possible to created some of the included missions or the campaign with the built-in editor). No 3D acceleration (which means graphics are only average).
The Bottom Line
The current "king" of modern submarine simulation needs an upgrade or a remake. The stations are modelled expertly, as are the sonar and combat models. On the other hand, the torpedoe modelling can't seem to match the venerable Red Storm Rising, and the campaign is sorely lacking (only 16 missions). Still, it's the only game in town, and still highly recommended if you like the subject.