Surprisingly very engaging!
It is actually made up of several mini games that contribute to each other in terms of advancement in the main game. Most of the time, you're free to do what you want whether it's pillaging the next merchant ship, finding hidden treasures tipped by mysterious strangers or just exploring ports and winning 'hearts' of governors' daughters. Yup, I mean the dancing part, partly frustrating, mostly fun.
However, the only lousy moment is where you either choose when you want to retire, or be forced to retire at the age of 40 (game time), and the game ends, and it wakes me up from a deep engrossing adventure only to find myself looking at my sulky wife who has been staring at me the past three hours since she told me we'll be late for breakfast, well, we'll just settle for lunch then.
KingLim