I am really enjoying this game. I haven't really seen any bugs at all (Unless the allied ship AI is a bug that I mentioned before).
I am playing with patch 1.06 though so that must have fixed alot of release bugs.
The sea battles are great, I think the best of any ship combat game I have played. It really feels like your really out there on the ships. It is a bit tricky to sail around ships and win with Stealth though because once you head into the wind you have to turn around and go the other way or get blown to pieces standing still.
The land environments are not quite as interesting but they are not bad. So far story nothing special but good enough to keep me entertained.
I like the trading system as well, once I started really focusing on it I finally seem to have enough gold.
From what I have played so far the skills are pretty meaningfull. I just got a mission to attack a fleet of Pirates that are planning an attack on an English town. I went to fight them and there were 4 ships and I get my ass handed to me. Im going to have to level up a couple more times and maybe find some other followers to be able to take them on.
The map exploration is pretty good too, a bit similar to Pirates! Except for towns you have to hear about them in conversation for them to show on your map.
So, from playing about 20 hours or so, a big thumbs up on this game! I hope I enjoy the sequels (POTC) as much.
Oh yea and there is a mod that adds alot to the game, but I didnt use it since you have to start a new game.
www.highnotez.com/hosemerc/sdaddon.htm