It would be nice to have the option to enable a semi-transparent (round) minimap in the corner of the screen.
The mini-map would not be detailed (topography, buildings, etc), but would only show the relative positions of ships
The main map (pressing 'M') is great for traveling over long distances. But it becomes impractical during fierce battles because: 1) blocks your vision! 2) you need all your fingers to maneuver during a battle!
The main purpose of the mini-map would be for short distance battles. For example if your friend is fighting off an enemy ship behind a cloud you could glance at the mini-map and pop through cloud cover so that the enemy ship is sandwiched between you and your friend. If an enemy is bearing down on you simply glance at the mini-map to know which friendly ship is closest and seek help.
I'm sure you guys could think of other scenarios