Its fun, whoever liked the first part or the Gothic series will enjoy this game.
Undeniable it has some edges, e.g parts of the combat system or the overall character animations but thats probably because of a low budget, but beneath that lies a really good RPG with nice graphics and a nice realization of the pirate scenario.
Whereas the mainstory is kinda boring, there is like a bad god and you spend the game preparing to kill that god. I don't want to spoil too much but the ending is pretty obvious after a while, so not really interesting.
Same goes for most characters, while some of them are at least good written, they are boring as hell and simple chliches, so everyone who is in search for a game with deep lore and interesting characters won't be satisfied with this game.
The fighting system is kind of fun, at least against humanoid enemies, against animals its much more simple but less fair. While you can counterattack humans there is no possibillity to do so against animals, you can not even block incoming attacks of some animals. One tip: don't use the musket that much, that makes the game even easier than it already is, at least in the latter parts. Either way, after about 20 hours you should play the game on hard, many enemies stay the same while you become undoubtedly better.
The skill system is a fairly simple one, you get XP for every kill/quest you do, which you can then spend on one of 5 traits which are: Blades, toughness, firearms, cunning and voodoo.
The money you gain you either spend on improving your skills at special trainers or in gear like clothes, swords or pistols.
The graphics are sometimes really gorgeous, the design also. Even after 30 hours of gameplay the jungles or beaches you visit won't be boring at all. But still, the worst part of the game is part of the graphics though: the character animations, those are so unbelievable bad you should probably laugh at them rather then criticizing them.
And for everyone with a fairly good computer, you should check out the mod "AntiWarp", it removes that weird warping of the plants, it's really easy to install as well.