Exactly. Do not believe the hype.
FLS seems to want to create a good game. Unfortunately reality often clashes with creative imagination, which leads to the creation of games such as Pirates of the Burning Sea.
I never had a problem with the graphics on open sea, they looked fine for me.
The bad -
FLS knew the game wasn't going to appeal to enough people and the development time must have drained their budget to the point where they were forced to use SOE to publish the game. In doing so, people who purchase the station pass for 30$ a month can play (or not play) PotBS and FLS will still be getting paid regardless. This allows them a little financial breathing room to perhaps clean up a game that was doomed from beta.
Av-combat is terrible. A clear after-thought of the game. Even at high-levels ship-boarding is spamming a few keys. People will say other-wise, but you can win by spamming a few keys. I have tested tons of builds on my level 40 with all types of fighting-styles, and if you make a good enough build, you can win by pressing keys 1 and 2 only.
The towns are the same. Very small and built with no imagination. Save for the capitol city, which is fairly large, but for those who like to explore and see cool sights, you will not find much here.
PvP is designed like any other RvR game. In this way there isn't much fault, but the PvP itself isn't exciting. I never felt I had an intense battle. Nothing that kept me from doing anymore than I could avoid.
Questing and leveling in general is rigorously repetitive. You will often end up doing different quests with the exact same layout and objectives. If you get tired of this you can hunt PVE in open sea. Upon where you can sink ships 20-30 levels higher than you because they AI is very poorly implemented.
I wont continue with other flaws, but I want to end with a unbiased statement:
This is not for everyone, some people find it entertaining. But reading a review where people give it a 10 or 9.5 is not fair. There are serious faults in this game. They very much outweigh its 'fun' points. Those who are trying to find the next replacement to their WoW addiction may find a few soothing months in the game, but it is by no means perfect. If you really must try this game by all means do so, but do not expect a solid gaming experience from this one. If you are really trying to find a home for that 50$ you have saved up over the last few paychecks, I would keep it a little longer for another game.