A much better submission in my opinion. I have to say that I am very pleased to see a contributor who is genuinely concerned with constructive criticism from the fanbase. I'm not saying that other authors aren't -- you just seem to be more outwardly demonstrative of this openness. As a reviewer, it is appreciated on my end. (In fact, if you hadn't previously responded to my SuperBug review, I never would've found this game.)
Graphics - Certainly not eye-popping, but very solid. I did appreciate the humor in the name of the shipwreck. You could probably tone down the number of fireworks/star explosions at the end of the game. Still leave them in, it was a nice touch.
Sound - Sound effects were of good quality and timed well. Maybe some background music? Nothing too crazy. Otherwise, no complaints here.
Control - Thank you very much for slowing it down. Much more playable. Personally, I loved the jumping out of the water technique.
Other - Keep the power ups around for another second or two...some of them just seemed to be there for too short of a period of time. Also, at end game why do you have the option of "Play Again? Y/N"...the "N" is a dead link. You could just have a button that says "Replay" and not worry about having the option of a second button.
Honestly, I think the major thing holding back these games are the total lack of backstory/purpose. Why is there a timer if there's also life points? Why do I want points? It just seems odd. Basically, if you're not going to have a serious backstory you need something to be inherently difficult about the game -- like a puzzle. So then there's a greater replay value for people to beat their previous high score. (Which, now that I think about it, a High score list might be a good addition.)
All in all, solid submission. Serious improvement, and I'll be on the lookout for more of your work!