I've played it a few times. It's enjoyable but I didn't love it.
It involves a lot of repetitive die-rolling for combat as each ship fires, mostly for the same range of results. Unless you track damage and results on a log, you get some pretty rough counter stacks for damage to hull and sails.
My biggest complaint actually applies to most games of sail -- with only 6 directions of sail, the nuances of sailing and station-keeping can't really be re-created.
That being said, I would love to give it a go in a con, maybe three players per side handling different commands.