Thank you Radek; the question of "waterline" and/or "full hull" is one you can debate over for years. In my opinion it all depends on how you want to display the model.
Is it shown in a display case, just the ship, nothing else? Then it's a good idea to build and show the "whole ship" in a nice rack.
Do you want to use it in a diorama or with water underneath? Then waterline is the way to go.
I personally don't have the slightest problem with waterline models, as this is all we usually see in reality. You can't compare it with "planes without wings" or something like that (i heard that argument from some other modelers), as you wouldn't see those anywhere
Nevertheless, i'd really LOVE to see a full hull "Titanic" and now i'm going to get it, thanks to Marco.
Lars