I really enjoyed this game but I don't know for how long I could keep playing it. Designers talk about open-ended gameplay as the holy grail of gaming, and there is no doubt that you can do pretty much what you want in this game, but there is a sense when you play it for the fifth, sixth, seventh time that you've already found that treasure, rescued those relatives, killed those pirates or married that governor's daughter.
Pros: I loved sailing the ships (I really got a sense that I was in control and felt the wind in my hair, spray in my face..); dancing with the governor's daughters although deciphering those hand signals on the higher levels was a real challenge; and the sword fighting - it was a bit hit and miss but fun.
Cons: although I love a big map this was probably too big and some of the missions a bit tiresome because of it(Oh God, I've got to sail all the way to Tampico again); trading - I don't even know if this works and it certainly never appealed; the Spanish - too many of them and makes it hard too play as a non-Spaniard.
When I firat got the game I payed for hours and my overall mark is based on that as other people are probably more patient. It's a good game for a quick dip into now, especially if you fancy a bit of a dance.