I highly reccommend it. It's got the same flair as the last one, but a VERY DIFFFERENT storyline. I mean, the way I saw it, the last movie took place mostly on the water, and then some on the land (tortuga, port royal, the island), and this one takes place a lot more on the land, and a little bit on the water.
Plus, Jack's Escape and the fight on the waterwheel were both AWESOME!
-kv