Hey,
I'm a round-earth proponent, but there is actually a slight flaw in Neil's reasoning (though his argument still stands). That is, the wave does not have to be at eye level to block a "sinking" boat; however, if the person is elevated, it does have to be taller than the boat. Do draw a diagram, and notice that there is a triangle "shadowed" by the wave that we cannot see at 60 feet. However, everything falling inside that "shadow" is strictly shorter than the wave. Thus, we would have to have, say, 6 foot swells to cover up a motorboat.
However, more important is the issue that the height of the boat doesn't seem to matter! I've reiterated this a bunch of times, but under the "ocean swell" theory the amount of distance a boat must cover before it "sinks" must be proportional to the height of the boat so long as light travels in straight lines (in your wave diagram, look at the similar triangles). But most boats seem to "sink" at the same distance, including both motorboats and the ten-times-taller aircraft carrier.
Anyway, the ocean swell theory as posed doesn't correlate with observations. Of course, this doesn't refute FET outright, but we have to come up with a better explanation for the Sinking Ship phenomenon.
Thanks!