Just into the second chapter of The Imperial War Museum book of the War at Sea 1914 - 1918, by Julian Thompson. The subtitle is 'The face of battle revealed in the words of the men who fought', and that's what is making it so fascinating. It's not just the history (in fact he specifically says it isn't a complete history of the naval war) but about what it was like to be part of it - quoting from diaries and letters and memoirs.
I've already learnt so much, just from the first chapter which paints a picture of the pre-war Navy.
Published in 2005, so I don't know whether it's still in print; I found a secondhand copy, entirely by chance, in Blackwells in Oxford.