Great question!
Wall cabinets are not necessary at all if you have enough storage space. The first time I designed a kitchen with no wall cabinets was about 20 years ago. My clients were from Europe and told me its common over there not to have wall cabinets because you take your kitchen with you if you move. They use hooks and shelves instead. I asked them where do I put my plates? They told me all base cabinets should be drawers.

I know, this is America but they had a good point.

In your case, I would take advantage of the water view. Sounds like a fun kitchen to design.

Good luck!
Brian

More conventional layout would be to have the dining area directly facing the view with the kitchen in the back so the view is still visible from the kitchen and upper cabinets space would not be sacrificed.

The dining area won't be in the kitchen, but we do plan to have an island with seating for a quick lunch. The living room/dining area will be open concept with an archway leading into the add on kitchen.

Google "kitchens with a view"