Michael,
Great light. I especially like the foreground rocks. I do feel that the scene is a bit too wide without adequate height to make the image feel like it can be "taken in" by the eyes. (I'm sure you've read comments from me before about my "golden mean" of 3:8 proportions for panos). It is a matter of personal taste. However, I do wonder if a position more to the right, to eliminate some of the vastness of the middle "third" of open water, might make it stronger compositionally, while also tightening the aspect ratio?
I have seen you mention a personal preference for height to width before but this is the first time I recall seeing the actual dimensions for 3:8. Perhaps I missed this. Why not 1:2.5 which has a numerically close h/w ratio of 0.375 vs. 0.40? I have seen the 1:2.5 ratio recommended and use that as my personal guide. Thanks.
I do not understand the ratio's, but one thing for sure, I think it is a good thing to try to understand in order to make the most of our images. Here. I think the better image might be more height, less on the far right to remove the brush or perhaps make it more noticeable in the frame. I like the idea David has of compressing the water just a bit, not too much in order not to lose the effect of far away but near. Just my two cents worth.