Haven't had this much fun with any other shipfighting/pirate game.
The graphics are good, and the physics are great most of the time (getting shot at by an enemy ship and see the cannonballs poke holes in your sails is a nice touch). So far there's nothing I don't like about the game. You can do just about anything, from raiding trade convoys, kidnap civilians and demand ransom, attack settlements and take them as your own, smuggle contraband... etc.
The game looks realistic enough to satisfy me. It's gotten me addicted to the game and I play it every chance I get.
The game starts off nicely, really nicely, albeit the lack of a tutorial, and as I went on and tried to attack a trade ship, I'm pretty certain the captain laughed at me and sailed away since I couldn't even grasp the basic maneuvering of the ship. I would've liked a small tutorial maybe that shows you right from the bat how to steer a ship and attack other ships. The game has alot to offer with minimal bugs.
I say minimal bugs because they aren't really that much effecting your gameplay, discluding the crashes. The game is quite enjoyable if you give it a chance.