I'm fine with there being some random "lakes" but I would like at least 75% all of the water provinces to belong to larger bodies of water and those larger bodies connected. I think this will encourage water nations to fight amongst each other but the winner will be more secure.
I'm inclined to have multiple "linked" oceans so there are choke points, but if the mapped looked good enough I would go with one large ocean. In the same vein I'd like "continents" of large land masses for land choke points.
Check out some of my other (non-wrap around) maps for examples of what I'm looking for:
http://67.66.187.69/dominions3/afterthoughtsmall.jpg
http://67.66.187.69/dominions3/discordancesmall.jpg
http://67.66.187.69/dominions3/perpetualitysmall.jpg
Except for a few minor errors - I really like (if I do say so myself
) the perpetuality map - so somthing like that, but wrap around would be great.