I picked it up yesterday and - after reading Sadstorm and frostburn - am only slightly disappointed.
It has lots of stuff in it that I liked - the Legendary Captain and Scarlet Corsair PrCs, a few new feats that were especially cool, some nice spells, a cool domain and a small number of cool magical items, and a handful of interesting monsters. There's also epic and psionic support here, though I am sad to say that there is no vile or exalted support. Two out of the four ELs in the back were cool as well. The writing is the usual fare and the art is just dandy.
It also had a few things in it I could have done without, one of which was the long explanations of ships. Yeah, I know it's a book about the sea, but I felt this information could havebeen trimmed down to give more room for cooler stuff. I also felt that some of the monsters were just weak, badly designed or just badly concieved. Some of them had cool names, but just didn't do it for me. I felt that the new races were particularly weak, uninteresting and just kind of crappy all around.
Still, I bought it and I'm not sad that I did. It could have been better but it was still pretty cool.