Pirates of the Caribbean Online is in the Stress Testing part of Beta right now, which means there are regularly scheduled lagfests occurring on a weekly basis. This is usually the final part of Beta testing which means they should be able to meet their "Fall" release time.
I haven't gone too far in the game and there is quite a bit of hint text missing on the loading screens, but for the most part things seem to be a lot more stable and "filled in" compared to when Beta first began a few months ago.
Here is what I think of PotCO so far:
Graphics: Not so great. A bit dated actually. But the overall look and coloring works well for what it is.
Character Creation: There is a lot of customization available for your pirate. And the name generator is quite a bit of fun as well -- I am Samantha Truepaine. I would not rate the character creation as high as City of Heroes/Villains, but it's close enough.