Campaign is too slow-paced...
Graphics: 8.5 -- I really enjoyed the musket fire, the horses charging, and even enjoyed the map on the campaign! Overall, the naval battles are just amazing, and the land ones are great. The only problem is how the cannon explosions are unrealistic, with the cannonballs exploding, not bouncing.
Sound: 6 -- Really, the only reason this got over a 5 is because the cannon shots and horses stampeding was spectacular. Unfortunately, the sound is about a 4th grade band level. Whoa. It's the same tune over, and over, and over, and over.....
Replay Value: 8 -- I think this is one of those games you can play over and over and not get bored. The quick battles offer unique changes to the normal "Kill everyone" concept, by letting you hold strategic points.
Naval and Land battles: 10 -- What can I say, it's great. Realistic formations, men actually having to reload muskets for 20 seconds or more, and realistic yells coming from officers. The Naval battles, while a bit confusing, are also amazing. It's quite interesting to see sails ripped up, and cannonballs ripping into hulls.
Campaign: 7 -- It's got a lot of value and potential, and the amazing diplomacy system is great fun, but the battles are few and far between. Also, the AI is smart. In fact, sometimes almost too smart. Take this example: I'm England, and i'm trying to peacefuly acquire Castile (Spain). I get sooo far, and it takes soooo many resources, and just when I'm ready to annex it into my Empire, France invades and takes it in one turn. I officially hate the French.... So take this advice -- Don't, and I mean don't -- use peaceful annexation! Just crush the opponent and show no mercy.
Overall: 9 -- Cool battles, cool AI, and wupping the French! What's not to love!