Just adding my data to the pile...
First, thanks to Cairns for his work on this map, and all around the site...CC is much richer and more fun because he's around, regardless of any complaints.
Second, in a three-player game, player X conquered an ocean, player Y conquered an ocean, and player Z conquered an ocean and a lugger. That was round one, and at the end of it, the bonuses were 3, 3, and 10, respectively. In round two, players X and Y conquered one more territory each (sea for X, island for Y), and player Z was able to conquer an island and a fresh water. At the end of round two, the bonuses were 3, 4, and 20, respectively.
We're still playing, so I don't know the end result, but I can take a guess.
One more quick observation...some have suggested a +1 to the reefs. In a five player game, where everyone starts with one reef, it's quite possible to be stuck on your starting tile for the first 3-4 rounds. You deploy 3 for a total of 5, attack the 2 neutrals, lose 2, and end your turn. Then you repeat. Pretty slow way to begin a game.
Cheers, and good luck on the battlefield.
*Update*
At the end of round three, the game bonuses I mentioned above are now 3, 4, and 58!