I use a Horizon S3 Pro and IMHO there will not be much blurring if you shoot facing the sea, where the waves are not moving parallel to the lens movement of camera, rather moving perpendicularly to the lens. However when the subject is moving parallel to the camera lens, typically it appears elongated.

Here's a good seascape example taken by Horizon 202, and at slow shutter speed I beleive.

http://www.flickr.com/photos/6631298...aves-somakray/