When I saw this film the first time around, I was inundated with a lot of "life stuff", and so I sat in the audience not really reacting to much of anything, and thinking and feeling that I could predict every gag and story point that came me. I was just in the wrong frame of mind, and so I failed to enjoy my first viewing.
A few days ago I checked out the DVD, and man I hadn't laughed so hard in a long time.
Yes, this is borderline cliché in terms of a Pirate-Genre send-up, but it has a lot of good British subtlety in the humor to be both very fresh and highly humorous. Everything from the expressions of background characters, to obvious names for characters, to the occasional British talent of understatement in the dialogue.
There is no historical accuracy here, and the pirating is kept appropriately G-rated for a family outing, though the film and its humor occasionally skirt into PG territory.
Surprisingly Hugh Grant plays the lead role of the Pirate Captain, and the Hobbit's own Bilbo Baggins in the form of Martin Freeman plays his first mate Number Two, showing the audience that indeed talented actors can do anything, even play stop motion animated pirates for a children's film.
The big act III escapade is appropriately Aardmanesque (whom seem to take quite a few of their cues from Lucas's Star Wars and Indy Jones films) as we see the characters do battle to right wrongs and resume their brand of ill-conceived piracy.
Good laughs, good animation, lots of subtle and intelligent humor mixed in with good old fashioned gags, this film should entertain everyone in the family on some level.
Enjoy.