And it's shaping up pretty well -- the short demo took us through one of the game's quests, with main character Captain Sterling fighting through cursed tribesmen up a live volcano to their (literally) crabby leader.
If anything, the game feels like Fable. While it's far too early to actually compare it to that game (and that title's awesome customization isn't found here -- you can choose your weapons, but not your outfits), it feels the same: running a third-person character around a lush environment, hacking and slashing and shooting your way through bad guys for XP and money. Obviously, the spellset isn't as broad, but there are "spells" of a certain kind, like debuffs that cause problems for your enemies.
There's a lot of the game that's yet to be revealed -- just playing through the demo, you don't really get the sense that it's an open world game, but Propaganda says that yes, you'll be wandering the Caribbean, with even things like trading and attacking merchant ships to do. Ship combat is included, of course, but Propaganda wasn't ready to share details on that yet, other than to say that "it feels very different, it's not the top down, kind of slowly navigate around" variety.
But none of that was shown off in this demo yet. What is there looks good -- the combat was solid, if a little shallow, and the graphics and polish are well on their way. Hopefully the rest of the game will emerge through the fog before it's released early next year.