Just caught this last night. Maybe it was because I was really tired, but I wasn't that impressed. I thought that the plot was strung too tight, and needed some room to breathe; it was point-to-point-to-point without any letup to let you digest it.
The waterwheel fight was a perfect example. When it was happening, I was thinking "hey, this is the moment the filmakers want you to think is a cool set-piece fight. It's OK, but not great." At that moment, I should have been thinking, "Cool fight!" rather than metagaming about it. But maybe that was just me.
I loved the kraken. Man, oh man,a great illustration of how to present a monster that's really unkillable; the best to you hope to do is deal with it well enough to get some part of your party out alive. Loved the images (and squishy sound effects) of its tentacles grasping and pulling the ships apart. Very powerful and well-done.
And thank you to those who also found Voodoo Chick sexy. I was humorously shaking my head as I left the theatre wondering why I thought she was sexier than Elizabeth, bad teeth and all. Glad to know I'm not the only one.
Still, I enjoyed it, and I'll definitely see the third film next year.