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Canoe sterns may provide an added degree of seaworthiness in EXTREME conditions (parting large following seas), otherwise they are mostly an aesthetic preference. Personally, I like the look, although I don't own one. I prefer the way Bill Crealock has rendered the canoe sterns in the Pacific Seacraft line (34, 37, 40, 44), as compared to other designers' renditions. Bill's just look crisper/cleaner to me, and less droopy/puffy. A down-side to canoe sterns is that you get less internal volume from a given length boat than you would with a traditional transom.
So that no one labels me a sad frog, let me plug the Pacific Seacraft Crealock 31. Similar to it's larger canoe-sterned stable mates, the less well-known 31 has a traditional wine glass transom. If you are seeking a larger boat than the PSC Dana 24 or Orion 27, with a fin rather than full keel, it may be worth a look. Note that the PSC Crealock 31 is not to be confused with an earlier PSC model called the "Mariah 31" (although the Mariah may be something you'd want to look at too -- just be aware of the distinction.)