Hah. I personally See no problem in doing such a thing. Recreating the conditions on April 14th, 1912, 11:40pm.
Even though it's evil sounding, I just love the second half of Titanic, when it sinks. I don't think that's a bad thing, though. AFter all, it happened 95 years ago, or however long ago it happened. One might say it's "all in the past".
But, anyway, I think that even just having icebergs in the game is good enough, to create one of the many great threats to ships out there on the ocean, and add to realism. And if someone wants to ram titanic into one of those icebergs, well that's fine with me.