I agree with the OP. It is very boring.
http://www.youtube.com/watch?v=WIv-2rg9e1U
The ride is slow and boring. I have nothing to do but run around in circles, watching the weather. If no agro-like mobs are added, how about a quest that gives a bit of exp or items that requires us to do things on the boat, like tugging on lines to help change the direction of the sail. If you don't want to add mobs to attack, a quest to keep the boat afloat would work great, too.
Just something I was thinking of this past week.