British
1 First Rate
2 74 gun Third Rate
1 50 gun Fourth Rate
1 40 gun Frigate
2 32 gun frigates

French
Same mix

Short term goals: add a Third Rate, possibly a 64 gun, to both British and French. Beef up Spanish a bit.
Long Term: hope to see some more American frigates or even the post war ships of the line.

So, 16 ships (and one wreck because of carelessness combined with the ship not coming with the protective insert). Currently enough to have decent SotL or Frigate action without having to mix the two. Not sure I really need to go much beyond twenty ships as it stands. The nice thing about SoG is that the models tend to be fairly generic, unlike games such as Wings of Glory or X-Wing. You don't need the latest and greatest, and ships still pretty much function the same despite being built fifty years apart.

Spanish
1 74 gun Third Rate
1 32 gun Frigate