I for one bought this game for the historical and role playing feel of commanding a warship/trade ship in the 18th century.
If I want to fight ships till they explode and marvel at my magnificence on my stat page, I play WOWS.
I believe the cost of crew to be a welcome and essential addition to the world the devs are trying to create.
I do feel it needs adjusting as does all the economy aspects of the game and the devs have stated that they are planning on an overhaul of the economy in the near future. So for now I am content to play and TEST (yes this is an alpha and we are testing the game) until new content is added, hopefully helping to make an even better game experience.
An example of why I think the crew cost system helps the devs create the world of 18th century naval warfare and economic enterprise.
The other day, myself in a frigate and another in a Constitution attacked a pirate in a Surprise. He tried to run but was driven toward the shore. The constitution was in position to fire broadsides so the Surprise turned away from the shore and tried to run upwind and use his speed advantage, leaving the Constitution lagging behind. I fortunately guessed his intentions when he started coming about and was able to lay across his escape path to windward. I fired a single double broadside into his hull and, upon seeing his position hopeless, struck his colours.
Now this could have dragged on and on with a drawn out chase, but to save his crew (as they cost quite a bit as opposed to being actual lives) and all our time, he surrendered. Making the whole event a satisfying and pretty damn realistic engagement.
I myself surrendered a Bellona to 2 Trincomalees after they cut my rigging to shreds and got in a few good rakes. The fight lasted a good amount of time and I tried to cause enough damage for them to withdraw, but, seeing my crew numbers start to dwindle, I ultimately chose to surrender to save the majority of my crew (as replacing 650 crew is damned expensive!). I could have remained there taking fire for many many more minutes wasting everyone's time and losing all my crew! Again, a satisfying and realistic turn of events.
I agree that after crew loses in missions you can come out with not much reward, so i now play smart rather than rushing straight in to keep my crew alive! Also, playing fleet missions, particularly with friends can seriously reduce the amount of crew loss and damage and earn you a tidy profit (especially after demasting, graping and boarding a santi!). I'm not saying you have to play with others, but in a multiplayer game it does make sense.
Regards
Nick