The good: Nice job on the choreographed action sequences (Pythagoras Switch, anyone?). Johnny Depp as Captain Jack Sparrow is still a great character to watch.
The bad: Writers Ted Elliott and Terry Rossio make the mistake of thinking that their characters are interesting by default, so actors like Orlando Bloom and Keira Knightley alternate between being set dressing and by-rote archetypes. Also, the camera work is deliberately sloppy, and it doesn't really work.
The Ugly: Apparently Disney's doing masturbation jokes now.
The Verdict: It's not a bad movie, but it's as clumsy a placeholder as Attack of the Clones or The Matrix Reloaded. I was kidding when I called this Pirates of the Caribbean and the Temple of Doom, but this really is Temple of Doom Meets LeChuck's Revenge. Speakin' of which, I think Ron Gilbert deserves a royalty check.