That's definitely an interesting concept. Do you know how they're planning to deal with water and sewage treatment? Didn't see anything about it in my (admittedly quick) read of the FAQ. I'd also be a bit concerned about the rise in sea levels and the severity and (possibly) frequency of hurricanes expected with climate change.
Entrepreneurial government on the high seas; Thanks for posting this Evan. Security would be a challenge for such places I could imagine, easy pickings for modern day pirates and seen as potential offshore head-quarters for organised crime rings. The fact we have oil rigs on the high seas proves it can be done. However, whether I'd want to live within the confines of such an unchanging vista is another consideration.
Because in my country it is a requirement to wear one of the following items at least once per week: leather chaps, propeller hat, googly-eye glasses, or water wings.
We have daily National Happy Hour, every other water fountain contains (good) beer (these are taller, so the kiddies can't reach them of course), and we have already taken dramatic measures to ensure eventual ape invasion.
We are all terribly good-looking (it's something in the water, I'm sure), incredibly charming, and witty to boot. And humble.