Well, it seems most of the discussion has been concerned with CAGs and CVs. However, without more info on the air-naval combat model, much of the discussion is running in circles. However, there are a few points to be concerned with, going with the total knowledge we do have.
1. Leadership points, CAGs, and the devastation of a Carrier Fleet
Carrier-trained pilots were a precious resource. They'd probably be prioritized for evacuation if a CV got hit with sinking damage, and so long as the fleet wins the battle and forces an enemy retreat, many downed pilots can be recovered with seaplanes and such. But if all CVs are sunk, seaplanes can't linger in the face of enemy air superiority, and any pilots in the air must down their planes in the ocean and hope to be recovered by surface vessels.
Thus, if a fleet loses a Midway-type battle, it should cost more Leadership points, ultimately, than losing the same number of carriers in four separate battles. But how to model this? I suppose I need to read more on Leadership to get an idea of what mechanic they *could* use...
2. Naval Fog of War
With full knowledge of the types and numbers of ships in a combat encounter, there is no way to fool a human player into withdrawing from inferior forces with a lucky encounter, like
Admiral Kurita did in the Battle of Samar. No combination of lucky naval events, radar/intelligence technology gaps, or advantageous positioning rolls could simulate this battle as things stand, since the critical factor was the perception that a major fleet was encountered. A human player would look at the battle window, see that he held the overall advantage despite initial bad luck, and stick it out.
For that matter, even the post-battle 'sunk ships' display from HOI2 gives too much info. We should have 'confirmed' and 'suspected' sunk ships, or else we can't simulate Yamamoto's misperception that the Yorktown was sunk pre-Midway, and knowing how many Carriers you might face *is* a grand-strategic/operational consideration, not just a tactical loophole like with the battle window.
That's all I can think of for now...
Jonathan Fisher