I hate to rain on the Cape Cod parade, but this film was unsatisfying. I don't know if it was the budget or incompetence, but the film just never felt like it was set in 1905. Somehow I don't think 70 year olds in 1905 had perfect teeth, but that's just one small thing. Mariel Hemingway was either miscast or awful. She was too young (47) and her accent was inconsistent and all over the U.S. One moment it was refined New England, and then it might be small town hick. Rip Torn's character, frozen in one facial expression the entire movie, made no sense. Even after two disastrous marriages, what 70 y.o. man is going to turn down 47 y.o. Mariel Hemingway? The ship wreck and rescue were just amateur film making, or maybe budget problems.
What was most frustrating was the writer seemed to leave so many opportunities on the table. I think ultimately they couldn't decide between romance and comedy, so did neither well. Was it going to be "Grumpy Old Men" or "On Golden Pond"?
Despite it's failings, the film has a bit of charm. If you are really good at suspending disbelief, you may find it reasonably entertaining.